Abu Dhabi state-fund aabar Investments bought a 21.6 per cent stake in Dubai builder Arabtec for a value of 827.6 million dirhams ($225.32 million), an income statement by the fund’s parent firm IPIC showed on Thursday. The stake purchase shows aabar valued Arabtec at around $1 billion. Arabtec currently has a market value of $1.2 billion following an 88-per cent surge in the share price in 2012. Aabar, which owns stakes in high-profile names such as German carmaker Daimler and commodities trader Glencore, has been quietly building its stake in Arabtec this year through market purchases.The Abu Dhabi firm first raised its Arabtec stake to disclosure levels in March when it emerged it owned 5.3 per cent in the builder. It later doubled the stake to 10.5 per cent through another subsidiary. Arabtec eventually said in May that the fund owns a 20.8 per cent stake in the company. Aabar had dropped a $1.7 billion bid for a 70-per cent stake in Arabtec two years ago. Months later, Aabar delisted from the Abu Dhabi bourse after it was taken private by IPIC. Arabtec may also secure joint projects from aabar on the back of a $2 billion deal signed between the fund and China State Construction Engineering Corporation this year, the income statement showed. The deal would develop real estate projects in Abu Dhabi and would “identify potential joint projects including those in which Arabtec Holding may be involved”, said the statement.from gulf today.
GMT 17:19 2018 Thursday ,11 January
China factory gate inflation slows to 13-month lowGMT 17:50 2018 Wednesday ,10 January
German industrial output rebounds in NovemberGMT 17:39 2018 Wednesday ,10 January
Samsung tips record Q4 operating profit of more than $14 bnGMT 17:29 2018 Tuesday ,09 January
German industrial orders dip in NovemberGMT 15:36 2018 Thursday ,04 January
China factory activity accelerated in December: CaixinGMT 13:33 2018 Wednesday ,03 January
Turkey inflation rate eases but still stubbornly high in DecemberGMT 16:27 2018 Monday ,01 January
China manufacturing activity slows in DecemberGMT 17:36 2017 Sunday ,31 December
Spain to leave EU's deficit 'sin bin' next year: Rajoy
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor