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Arabtec denies Kuwaiti company acquisition

Dubai contractor issues statement refuting media speculation

NEWS, Business, Acquisition, Arabtec, Construction, Dubai

Dubai contractor Arabtec has denied media speculation that it will acquire Kharafi National, a Kuwait-based contractor and facilities management firm.

The firm issued a statement on Wedenesday saying: “The company will continue to seek opportunities in local and international markets that will serve its shareholders’ best interest…however, the company denies that it will acquire Kharafi National Kuwait.”

The builder, in which Abu Dhabi state fund Aabar has a 22% stake, making it the largest single shareholder, replaced Arabtec's founder and chief executive Riad Kamal with Abu Dhabi-based private investor Hasan Abdullah Ismaik last year, and embarked on an ambitious growth strategy.

Its relationship with Aabar has helped the builder clinch several projects, including a $6.1bn deal, its biggest ever, to build 37 towers in Abu Dhabi and Dubai.

The company last year denied media reports that it was in talks to merge its operations with Kuwait's Combined Group Contracting Co (CGCC) and Saudi Arabia's Saudi Oger.

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Oct 13, 2019