(MENAFN) Dubai-based Arabtec Holding denied that it was looking to buy local contractor Drake & Scull, calling it "recent market and media speculation, Arabian Business reported."
The company said: �Arabtec Holding confirms that there have been no discussions between the management of both companies about a potential deal, and there are no current plans to acquire Drake & Scull either in full or in part.
Earlier this year, Drake & Scull's chief executive said he is not planning to sell his stake in the company, but said that partnerships on projects with Arabtec will increase.
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