Icelandic Contractor Seeks Projects Abroad Skip to content

Icelandic Contractor Seeks Projects Abroad

Icelandic contractor Ístak has turned to foreign construction markets because of the downturn on the local market and has already secured some projects, including constructing a school in Nuuk, Greenland.

Managing director of Ístak Loftur Árnason told Morgunbladid that the stagnation in the local construction market is obvious to everyone. “There are no calls for bids right now, but we hope [the market] will be rekindled once the national budget has been overhauled.”

Ístak will also participate in the construction of power plants in Greenland.

“We also recently made offers for projects in Norway and were offering about the same as the Norwegians,” Árnason said. “This is what we can do and we are not going to give up.”

“The [Icelandic] króna gives us a certain edge and there is nothing else for us to do other than to use the opportunities that come along,” Árnason said, referring to the fact that the ISK is weak compared to most foreign currencies at the moment.

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