Abu Dhabi now largest shareholder in Dubai-based construction firm
Abu Dhabi government-controlled investment vehicle Aabar Investments has doubled its stake in Dubai-based construction company Arabtec to 10.45 per cent.
The increased holding means that Aabar is now the largest shareholder in the company, which is listed on the Dubai Financial Market (DFM).
Aabar has been interested in buying more Arabtec stock for several years. In 2010, it failed to buy a 70 per cent stake in Arabtec for $1.7bn.
Arabtec is one of the largest contractors in the region. It is currently part of a consortium with Turkey’s TAV and Athens-based Consolidated Contractors Company that is bidding for the contract to build Abu Dhabi airport’s Midfield Terminal.
Aabar has stakes in many high-profile international firms, including German carmaker Daimler, commodities trader Glencore and Italy’s UniCredit.
You might also like...
Partanna and Saudi firm tests carbon negative concrete
25 April 2024
Hassan Allam and Siemens confirm Hafeet Rail award
24 April 2024
UAE builds its downstream and chemical sectors
24 April 2024
Acwa Power eyes selective asset sales
24 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.