14 Apr 2010
(MENAFN) Arabtec, a Dubai-based contractor, and Abu Dhabi’s Aabar Investments announced that they have called off a $1.7 billion deal to sell a 70-percent stake in Arabtec to Aabar, Reuters reported.
The parties have agreed that they will continue to work together in good faith towards future cooperation and forming a strategic partnership in Abu Dhabi in the future, the firms said in statements to the Dubai and Abu Dhabi bourses.
The deal between Aabar and Arabtec, the largest listed contractor in the United Arab Emirates, would have been one of the biggest in the UAE once completed.
The deal was one of the first merger deals between Abu Dhabi and Dubai in the wake of Dubai’s debt crisis, which has hit property and construction related creditors to state-owned conglomerate Dubai World hard.
Dubai unveiled a $9.5 billion rescue plan for Dubai World last month which promises to repay trade creditors and other lenders if agreed by creditors.
13 Aug 2025
BBK’s BD 5,000,000 Al Hayrat scheme awards BD 680,000 to 390 Al Hayrat winners in August and September
04 Aug 2025
HM the King’s Support for Youth is an Inspirational Model for Their Empowerment Journey
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
08 Jul 2025
BBK proudly launches the third edition of “Grow” and welcomes 20 Bahraini graduates
03 Jul 2025
BBK hosts executive leadership session on digital assets in collaboration with Rain
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
16 Jun 2025
BBK and CrediMax Offer Exclusive 20% Discount on Turkish Airlines Flights for Cardholders
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more