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FINANCIAL NEWS
Abu Dhabi’s Aabar ups stake in Arabtec to 5.28%
07 Mar 2012
(MENAFN) Abu Dhabi’s Aabar Investments increased stake in Dubai’s developer Arabec to 5.28 percent, Reuters reported.
The stake is held under Aabar Petroleum Investments, and will make Abu Dhabi’s sovereign wealth fund a key shareholder in the Arabtec.
It is worth mentioning that both companies cancelled a USD1.7 billion deal to own a 70 percent stake in Arabtec in 2010.
Aabar, which is owned by the International Petroleum Investment Company (IPIC), has several important investments around the world including Daimler AG, maker of luxury car Mercedes, Virgin Atlantic and UniCredit among other investments.
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