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.