Arabtec wins US$60 Abu Dhabi Aabar contract
Source: BI-ME with Bloomberg , Author: POsted by BI-ME staff
Posted: Sun April 22, 2012 10:14 pm

UAE. Aabar Investments, which dropped a US$1.74 billion offer for Arabtec Holding two years ago, awarded a AED222 million contract (US$60 million) to a unit of the Dubai builder as it raises its stake in the company.

Arabtec Construction won the contract to build a residential tower in Abu Dhabi, Arabtec said in a statement to the Dubai bourse today.

“With the recent award to the company in Dubai and others expected in Dubai and Abu Dhabi, the United Arab Emirates’ is still an important market for the company,” Arabtec Construction Chief Executive Officer Greg Christofides said in the statement.

Aabar Chairman Khadem Alqubaisi, Chief Executive Officer Mohamed Badawy Al-Husseiny, and board members Mohamed Al Fahim and Mohamed Al Mehairi were nominated to Arabtec’s board, according to a statement on the Dubai bourse on April 12.

Aabar, through its units, holds 10.5% of Arabtec, the latest filings on the stock exchange show.

Aabar, which owns stakes in Daimler AG and UniCredit SpA, in 2010 pulled a bid for a 70% of Arabtec through the purchase of bonds that would be exchanged for shares. After the deal fell through, Arabtec and Aabar said they planned a “strategic partnership.”

The stock has surged 118% this year compared with a 21% increase for the benchmark DFM General Index.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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