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Balfour Beatty quits Middle East
Balfour Beatty is leaving the Middle East and selling up to its joint venture partner.
Balfour Beatty has agreed a deal to sell its half of loss-making Dutco Balfour Beatty and BK Gulf to Dubai Transport Company (Dutco) for £11m cash.
As part of the transaction, which is subject to regulatory approval, Dutco will assume responsibility for Balfour Beatty’s guarantees of bonding obligations in the joint ventures.
Dutco Balfour Beatty LLC was originally established in 1976 when Dubai Transport Company and Balfour Beatty teamed up for the mega Mina Jebel Ali construction project.
BK Gulf, established in 1978, is the building services and M&E joint venture between Balfour Beatty and Dutco.
Balfour Beatty owned 49% in each business. Its 2015 annual report shows that the two Dutco JVs generated £372m revenue but made a pre-tax loss of £65m.
