Contractor’s work in region has been plagued by losses in recent years

Middle East

Source: Getty

Balfour Beatty has sold all its joint venture interests in the Middle East for £11m in cash to its joint venture partner.

Under the deal, local partner, the Dubai Transport Company, will take control of builder Dutco Balfour Beatty and M&E specialist BK Gulf.

In its last set of full year results, for 2015, the firm racked up losses of £34m from the Middle East although the division seemed to have stemmed the problems in the region after posting losses of just £6m in the half year to July 2016.

Balfour Beatty chief executive Leo Quinn said: “We continue to simplify the group and strengthen the balance sheet through our Build to Last [transformation] programme. As a result, Balfour Beatty enters Phase Two of its transformation with a solid foundation for long term profitable growth.”

Balfour Beatty has been winding down its operations in the Middle East, Indonesia and Australia since the start of 2015 in order to focus on the UK, US and Far East.

The firm is due to unveil its 2016 reults on 16 March.