Arab Today, arab today aabar doubles arabtec stake to 1045
Last Updated : GMT 21:25:08
Arab Today, arab today
Arab Today, arab today

Aabar doubles Arabtec stake to 10.45%

Arab Today, arab today

Arab Today, arab today Aabar doubles Arabtec stake to 10.45%

Abu Dhabi - Arabstoday

Abu Dhabi\'s state-owned fund Aabar Investments has nearly doubled its stake in Arabtec to 10.45 per cent, a bourse filing showed on Tuesday, making it the largest shareholder in the Dubai builder and boosting its influence. Sovereign fund Aabar, which owns stakes in high-profile names such as German carmaker Daimler, commodities trader Glencore and Italy\'s UniCredit, raised its Arabtec stake to 10.45 per cent just weeks after it boosted its holding to 5.3 per cent in early March. Shares in Arabtec - which Aabar unsuccessfully tried to buy two years ago in a $1.7 billion deal for a 70-per cent stake -- jumped 13.3 per cent on the Dubai bourse. The stock is up 89 per cent year-to-date. The latest stake increase was made through unit, Aabar Real Estate, the filing showed. \"Aabar as the largest shareholder in the company could try to influence the management of the company and for the coming board meetings. It may try to materialise this increased stake in the shareholder structure,\" said Sebastien Henin, portfolio manager at The National Investor in Abu Dhabi. \"Now, there is speculation that they could increase their stake further,\" Henin added. Last month, Arabtec\'s chief financial officer said the firm had no plans to renew talks with Aabar about taking a stake because its funding needs had eased. Arabtec, the largest builder in the United Arab Emirates by market value, saw a three-fold rise in fourth-quarter net profit last month. Recently, the firm was awarded a $153 million contract for the expansion of the Dubai International Airport and also won three contracts in neighbouring Abu Dhabi for 256 million dirhams. Arabtec has a joint venture in Saudi Arabia with the Saudi Binladin Group and Prime International Group Services. Of its current backlog of Dh14 billion ($3.8 billion), 5.5 billion is in Saudi Arabia.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today aabar doubles arabtec stake to 1045 Arab Today, arab today aabar doubles arabtec stake to 1045

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today aabar doubles arabtec stake to 1045 Arab Today, arab today aabar doubles arabtec stake to 1045

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%

GMT 13:43 2017 Monday ,15 May

Oman share index declines marginally

GMT 04:37 2017 Thursday ,11 May

Tadawul index near flat on varying 1Q results
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday