Local firm plans to sell stake in its contracting joint venture
- Al-Habtoor wants to sell its stake in Australian joint venture
- In 2007 Leighton Group approached Egypts EFG-Hermes which was appointed to evaluate Al-Habtoor at the time
The UAEs Al-Habtoor Group plans to sell its stake in the construction joint venture Habtoor Leighton Group, according to reports quoting chairman Khalaf al-Habtoor.
In a television interview with Saudi Arabias Al-Arabiya news channel, al-Habtoor said that the company will focus on 100-per cent-owned assets, including hotels, real estate and schools.
The co-owner of the joint venture is Australias Cimic Group, known as Leighton Group prior to April this year.
In 2007 Leighton Group approached Egypts EFG-Hermes, which was appointed to evaluate Al-Habtoor, as it looked for a way to enter the Middle East market.
At the time the merger with Leighton provided Al-Habtoor with access to international management and personnel. For Leighton, Al-Habtoor provided the local connections. Prior to joing forces with Al-Habtoor, Leighton narrowly missed out on the award of the Atlantis hotel project on Dubais Palm Jumeirah in 2005, losing out to the local/UK Al-Naboodah Laing ORourke.
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