FINANCIAL NEWS

Abu Dhabi’s Aabar ups stake in Arabtec to 53%

13 May 2012

(MENAFN) An official at the Dubai Financial Market announced that Abu Dhabi’s fund Aabar Investments took control of Arabtec Holding after increasing its stake in the builder to 53 percent, reported Reuters.

The official said that in April, the state-owned fund boosted its share in Arabtec, the UAE’s largest builder by market value, to 10.45 percent.

Moreover, during the last period, Aabar has acquired a 23-percent stake directly from Arabtec, whereas the remaining 30 percent were bought from other shareholders.

It is worth noting that Aabar has stakes in high-profile names, including German carmaker Daimler, commodities trader Glencore and Italy’s UniCredit.

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