Arabtec has signed an agreement with South Korean firm Samsung Engineering to form a joint venture to bid for major EPC contracts  in the Middle East and North Africa.Arabtec-Samsung Engineering, the new JV will bid for oil & gas, power and infrastructure contracts with values of between $3 billion and $10 billion across the MENA region. Arabtec will own 60% of the joint venture, with Samsung owning the remaining 40%. It will be headquartered in Abu Dhabi.A new management team will be made up from existing employees from both firms and is set to be announced shortly.

Hasan Abdulla Ismaik, managing director and CEO of Arabtec, said, "We have a successful history partnering with Samsung Engineering's sister company, Samsung C&T. We have already worked together on some of the region's highest profile projects, including Burj Khalifa."

He added: "This JV is the logical next step in the relationship between the two companies. Arabtec-Samsung Engineering will be well-positioned to capitalize on the exciting growth opportunities in oil and gas, power and infrastructure. Samsung Engineering is already the leading EPC contractor in MENA, with their experience and track record of successfully executing large scale projects, Arabtec has the right partner to achieve its strategic goals in EPC."

Park Ki-Seok, Samsung Engineering's President and CEO, said: "Samsung Engineering is currently executing major projects in the UAE worth $9bn. Through this partnership with Arabtec to form a JV, we hope to expand our presence in MENA as well as contributing to the development of the local UAE community."