Aabar Investments PJSC (AABAR), an Abu Dhabi government-controlled company, raised its stake in Arabtec Holding Co. (ARTC) to 5.28 percent, according to data posted on Dubai’s stock exchange.
The shareholding is listed under Aabar Petroleum Investments Co., which in 2008 sold its energy assets to Mubadala Development Co., an investment company owned by the Abu Dhabi government. Arabtec Chief Financial Officer Ziad Makhzoumi couldn’t be reached on his mobile telephone and Aabar officials were not immediately available for comment.
Arabtec, the biggest construction company by market value in the United Arab Emirates, has surged 120 percent this year on speculation investors are accumulating the stock amid bets it will benefit from regional infrastructure spending. That compares with a 30 percent gain in Dubai’s DFM General Index. (DFMGI)
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