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FINANCIAL NEWS
Aabar teams up with German firm in $6.81m JV
22 Feb 2010
(MENAFN) Abu Dhabi-based Aabar Investments announced that it had entered into a $6.81 million joint venture with a German tunneling manufacturer to develop business in the UAE and serve customers all over the Gulf region and North Africa, Reuters reported.
Under the agreement, Aabar will own and operate a manufacturing facility for tunnel-boring machinery and equipment. Aabar will hold 51 percent of the joint venture and the remaining stake will be owned by Germany’s Herrenknecht AG.
Earlier this month, Aabar, the non-energy investment arm of Abu Dhabi sovereign wealth fund IPIC, said that it was considering acquisitions in the food, infrastructure and telecoms sectors.
In January, the Abu-Dhabi based firm announced the acquisition of a 70 percent stake in Arabtec in a deal valued at about $1.7 billion.
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