Galfar wins USD360m contract in Oman 

(MENAFN) Oman's Galfar Engineering and Contracting Company won a USD360 million contract for the construction of the first phase of Al Batinah South Expressway, Times of Oman reported.

The company is already participating in about 29 of the major tenders floated, for which the bids are expected to be opened in the first half of 2012.

EFG Hermes said that Galfar saw a big decline in its order book last week, and hardly added USD440.3 million worth of orders to its portfolio.

The private equity, nevertheless, was optimistic about Galfar's order book this year as Oman government vowed to spend USD4.22 billion on infrastructure projects in the sultanate.

From its side, Gulf Baader estimated Gulfar's order book position since the beginning of this year of Galfar stood at USD631.9 million, including Batinah Expressway Phase-I. The current order backlog stands at USD1.05 billion.

Gulfar indicated that it stands as an L-1 bidder in some of the key upcoming tender board projects, Gulf Baader added.