Aabar raises stake in Dubai builder Arabtec

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Abu Dhabi's Aabar Investments, which scrapped a $1.7bn deal to take a majority stake in Arabtec two years ago, has raised its holding in the Dubai builder to 5.28 percent, according to a filing on the Dubai stock exchange on Monday.

The move makes the sovereign wealth fund one of the largest shareholders in Arabtec. The stake is held under Aabar Petroleum Investments, the filing showed.

Arabtec shares have risen 124 percent this year amid talk of an institutional investor buying up a stake. Neither firm had commented on the speculation.

The stock closed down 1.96 percent at 3.5 dirhams ($0.95) on Monday.

In 2010, the two firms said they would cooperate strategically after Aabar's bid to buy 70 percent of Arabtec was abruptly cancelled.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Dubai mulls rule change to lure more domiciled funds

Dubai mulls rule change to lure more domiciled funds

Proposed rules would create a new class of funds in the Dubai...

Gulf's rift over Qatar may slow investment, reforms

Gulf's rift over Qatar may slow investment, reforms

Analysts suggest dispute may not hurt immediately but could impact...

Dodgy data obscure reality of Gulf's economic boom

Dodgy data obscure reality of Gulf's economic boom

Economists say that as Gulf opens wider to foreign investment...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams