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UPDATE 1-Turkey's Tekfen signs $225 mln deal in Emirates
June 11, 2009 / 7:03 AM / 8 years ago

UPDATE 1-Turkey's Tekfen signs $225 mln deal in Emirates

* Project is for 92 km pipeline in Abu Dhabi

(Adds details, background)

ISTANBUL, June 11 (Reuters) - Tekfen Insaat, a unit of Turkish construction firm Tekfen Holding (TKFEN.IS), which has interests in agriculture, finance and real estate said on Thursday it has signed a deal worth $225 million in Abu Dhabi.

The project was for the construction of a 92 kilometre (58 miles) pipeline and oil and gas related infrastructure, Tekfen Insaat said.

In April Tekfen said it expected to finalise construction bids by the end of June worth almost $900 million in the Persian Gulf and Caspian region. Earlier this month it announced it had signed a $165 million deal to build a polyethylene plant in Qatar.

Tekfen shares were indicated 2.3 percent higher at 3.56 lira at 0655 GMT. They have risen almost 50 percent since the start of the year, outperforming the index of leading Turkish stocks .XU100, which is up around 25 percent.

Tekfen has said it hopes to double profit this year as construction picks up and the global economy recovers. (Reporting by Alexandra Hudson; editing by Elaine Hardcastle)

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