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

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."

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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