Aabar, Arabtec cancel $1.7b deal

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.

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