Abu Dhabi's Aabar Investments ups stake in Arabtecby CW Staff on Mar 6, 2012
Aabar Investments has raised its holding in Dubai’s Arabtec to 5.28%, two years after it abandoned plans to take a $1.7bn majority stake in the company.
Posted on Dubai’s stock exchange, the shareholding is listed under Aabar Petroleum Investments Co which sold its energy assets to the Mubadala Development Co in 2008.
The move makes the sovereign wealth fund one of the largest shareholders in Arabtec.
Arabtec is the largest construction company in the UAE by market value. Its share have surged more than 120% on the back of increased trading through the exchange, and on the strength of its continued project wins.
Two years ago, the two firms agreed to develop a strategic partnership after a deal by Aabar to buy up a 70% stake in the construction firm was scrapped.
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