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.
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
12 Mar 2025
Mr. Yaser Alsharifi completes Harvard Business School Presidents’ Program in Leadership
19 Feb 2025
Bank of Bahrain and Kuwait BSC announces the transfer of HSBC Middle East, Bahrain Retail Business to BBK.
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