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FINANCIAL NEWS
Abu Dhabi’s Aabar awards USD60.44m tower contract to Arabtec
22 Apr 2012
(MENAFN) Dubai’s Arabtec said that it was awarded a contract worth USD60.44 million from top shareholder Aabar Investments to construct a residential tower in Abu Dhabi, reported Reuters.
The largest builder in the UAE by market value added that the construction of the tower, which would include 229 apartments, would complete in 22 months.
On the other hand, the firm said last month that its fourth-quarter net profit recorded a three-fold increase.
It is worth noting that Aabar owns stakes in prestigious firms, including German carmaker Daimler, commodities trader Glencore and Italy’s UniCredit, in addition to a 10.45 percent stake in Arabtec.
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