Dubai developer Arabtec is extending the deadline for subscription to its AED2.4bn ($650m) rights offering to 4 July, instead of 23 June, the company announced in a statement. The decision indicates that shareholders have not yet bought up the entire offering.

In the rights offering, Arabtec is increasing its share capital by giving existing shareholders the chance to buy additional shares.

In April, Arabtec’s shareholders approved a $1.75bn capital raising programme. Most of the capital raised will go toward growth in its oil and gas, infrastructure and power business (55 per cent) and a quarter will go toward building affordable housing projects. The remaining 20 per cent will go into strengthening existing businesses and systems enhancements.

The Dubai-based company became majority-owned by Abu Dhabi-based Aabar Investments in April 2012 and has won several large projects since then.