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UAE's Aabar says to invest $136mn in real estate

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 23 November 2008
MAJOR DEVELOPMENT: Visitors view a model of the Al-Raha beach complex at an exhibition in May 2008. (Getty Images)
MAJOR DEVELOPMENT: Visitors view a model of the Al-Raha beach complex at an exhibition in May 2008. (Getty Images)

Abu Dhabi-listed Aabar Investments Co , which invests in energy, said on Sunday it plans to plough at least 500 million dirhams ($136.1 million) into the property sector despite fears of a slowdown.

The company, in which the state owns a stake, is acquiring two beachfront plots at Abu Dhabi's Al-Raha beach to develop commercial towers, said Mohammed Al-Husseiny, chief financial officer of Aabar said.

"There may be a slowdown but we don't intend to slow down, actually we will be very active," he told newswire Reuters after a board meeting that approved the decision. "Aabar is also evaluating other opportunities."

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Abu Dhabi's International Petroleum Investment Co (IPIC) bought convertible bonds worth 6.6 billion dirhams from Aabar in September, which when converted in November 2009 will give IPIC a 71 percent stake in Aabar, making it the biggest shareholder. (Reuters)

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5 Nov 2009 10:00 GMT
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