Arabtec aims to start Egypt housing project before year-end
Abu Dhabi-based Aabar Investments has raised its stake in construction company Arabtec to close to 35 per cent.
The investment firm increased its stake by purchasing shares from Arabtecs former CEO Hasan Ismaik, the company said in a bourse filing.
As well as being involved in high-profile UAE construction projects, Arabtec is also expanding its presence in Egypt.
Earlier this year it signed a deal with Egypt to build a million low-cost homes.
Arabtec confirmed that it is aiming to begin construction of phase one of the project before the end of 2014, stating that it was among its highest priorities, according to an official statement.
Phase one covers the construction of 120,000 units in three cities: Obour, Badr and new Minia.
Aabar Investments acquired a stake in Egyptian real estate company Palm Hills Development earlier this month, further strengthening the investment companys presence in the North African country.
Aaabar Investments is owned by the Abu Dhabi government.
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