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Abu Dhabi's Aabar increases stake in Arabtec
(MENAFN) Abu Dhabi state fund Aabar Investments announced it has acquired more stakes in raised Dubai-listed construction firm Arabtec, thus increasing its stake in the company to 34.93 percent compared to the 18.94 percent it owned before the deal, Gulf News reported.
The stake deal, which made Aabar the biggest shareholder in Arabtec, was bought from former Arabtec Chief Executive, who now still has an 11.8 percent stake left in the company.
Arabtec, which one of the region's biggest construction firms, is currently involved in a number of mega projects including a USD40 billion plan to build one million homes in Egypt.
Aabar said that its decision to increase its stake in Arabtec is part of its plan to use the company's resources to continue developing the construction firm as one of the biggest firms in the region.
The stake deal, which made Aabar the biggest shareholder in Arabtec, was bought from former Arabtec Chief Executive, who now still has an 11.8 percent stake left in the company.
Arabtec, which one of the region's biggest construction firms, is currently involved in a number of mega projects including a USD40 billion plan to build one million homes in Egypt.
Aabar said that its decision to increase its stake in Arabtec is part of its plan to use the company's resources to continue developing the construction firm as one of the biggest firms in the region.
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