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

date:Posted: March 27, 2017
UAE. PwC issues new report jointly with the Global Manufacturing & Industrialisation Summit; The report outlines a roadmap for CIOs to manage the transformation of industrial companies to successfully adopt IIoT; Devising a digital strategy is key for manufacturers
date:Posted: March 27, 2017
UAE. The strongest growth rate for 2014-2015 in the region was led by Saudi Arabia and the UAE, according to a new report from The Boston Consulting Group.
date:Posted: March 27, 2017
UAE. As banks seek to be more competitive and enhance customer experiences, many look to transform their old legacy banking systems with more efficient new core solutions.
UAE. A recent study by The Boston Consulting Group found that, in 2016, GCC banks' revenues grew by 5.2%, down about 2 percentage points from 2015; The impact of the decline in oil prices has hit the banking industry; Profits declined by 3.2% for the first time since 2008.
dhgate