Mubasher: Galfar Engineering and Contracting on Tuesday signed a contract with the Omani Ministry of Transport and Communication at a value of OMR 26.24 million.
The company has been awarded a 14-month contract for essential works for traffic opening in Al Batinah Expressway Project (Package Three), Galfar Engineering said in filing to the Muscat Securities Market (MSM).
The Ministry of Finance has also approved the contract, the company said, noting that the deal involves a fifteenth month for “mobilisation”.
Galfar expects reasonable profits from the deal.
Al Batinah project is considered an extension of Muscat’s highway, an alternative to Al Batinah dual carriageway and an international expressway that connects Oman to its neighbours.
The project will facilitate traffic between the different areas of Al Batinah.
In a previous report, the transport ministry expected the project to reinforce urban expansion across Oman.
On Sunday, Galfar announced that its losses shrank by 91.18% to OMR 60,000 in the second quarter of 2017, compared to losses of OMR 680,000 in the same period of the previous year.
