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FINANCIAL NEWS
Abu Dhabi- Aabar owns 21.6% stake in Dubai’s Arabtec
15 Jun 2012
(MENAFN) IPIC announced that its unit, the Abu Dhabi state-fund Aabar Investments has acquired a 21.6 percent stake in Arabtec for around USD225.32 million, reported Arabian Business.
The firm said that Aabar has been increasing its stake in the Dubai builder, adding that in March, Aabar revealed that it has a 5.3-percent in Arabtec, raising it to 10.5 percent later, and to 20.8 percent in May.
Moreover, IPIC’s unit might secure joint projects from Aabar on the back of a USD2 billion agreement inked between the firm and China State Construction Engineering Corp in 2012.
It is worth noting that in 2010, Aabar , which holds stakes in German carmaker Daimler and commodities trader Glencore, had dropped a USD1.7 billion bid to buy 70-percent stake in Arabtec, nevertheless, months later, Aabar delisted from the Abu Dhabi bourse after it was acquired by IPIC.
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