UAE’s largest builder made a net profit of £6.6m in the three months to 30 September

The United Arab Emirates’ largest builder Arabtec posted a fivefold surge in profit in the third quarter, as it targets opportunities outside its recession-hit home market

Arabtec made a net profit of AED39.1m (£6.6m) over the three month period ending 30 September.

But revenue dropped over the period from last year, from AED1.3bn (£220m) to AED1.1bn (£190m).

The contractor has been expanding overseas to target markets outside its home market of Dubai, after the real estate collapse in the emirate.

Earlier this month, Arabtec said it won an AED750m (£127m) residential contract in India.

The company is aiming to more than double its workforce in Saudi Arabia to 25,000 as part of its international expansion efforts.