Aabar ups stake in Dubai’s Arabtec
04 Apr 2012
(MENAFN) Abu Dhabi’s state-owned fund Aabar Investments increased its shareholding in Arabtec to 10.45 percent, becoming the biggest share developer in Dubai’s developer, Reuters reported.
The move, made through Aabar Real Estate, comes weeks after the sovereign fund boosted stake in Arabtec to 5.3 percent in early March.
Last month, Arabtec’s CFO ruled out plans to renew talks with Aabar about taking a stake because its funding needs had eased.
Recently, Arabtec secured a USD153 million contract for the expansion of the Dubai International Airport and also won three contracts in Abu Dhabi for USD69.7 million.
Arabtec is the largest builder in the United Arab Emirates by market value and has a joint venture in Saudi Arabia with the Saudi Binladin Group and Prime International Group Services.