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FINANCIAL NEWS
UAE- Aabar will not increase 21%-stake in Arabtec Holding
03 Mar 2013
(MENAFN) Arabtec Holding’s Managing Director, Hasan Abdulla Ismaik, stated that Aabar Investments has not submitted a request to increase its stake in Arabtec, reported Emirates 24/7.
Ismaik said that currently, Aabar, which is supportive to Arabtec, has a 21-percent stake in Arabtec Holding.
Meanwhile, he noted that Arabtec seeks to conserve liquidity, adding that the company doesn’t plan to borrow and be under financial burdens.
The managing director said that Arabtec, which operates in Abu Dhabi, Dubai, Jordan, Qatar, Syria, Saudi Arabia, Palestine and Russia, will invest in the infrastructure sector and the oil and gas sector.
It is worth noting that Arabtec was formerly known as Arab Technical Construction Company (ATCC), which was established in 1975 to provide construction services, mainly in the UAE, according to the company’s website.
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