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.
- Countdown: Top 5 global investment centres
- Middle East cities face $367bn of GDP at risk
- Meraas to showcase tourism project in Cityscape
- UAE: $48.7m City Centre Me'aisem 'eyes expansion'
- 5 Minutes with Sultan Batterjee, IHCC Saudi Arabia
- Qatar: 3 Nov for online wage system deadline
- Qatar's fiscal balance $5bn deficit in Q1
- Bechtel launches training program in Abu Dhabi
- Egypt's Orascom reports $39.8m H1 2015 net profit
- Abu Dhabi launches online design approvals system