Abu Dhabi fund Aabar Investments has acquired a 53-percent stake in Arabtec Holding , a market official said on Sunday, effectively taking control of the builder after a failed $1.7 billion bid two years ago.
The state-owned fund, which owns stakes in high-profile names such as German carmaker Daimler , commodities trader Glencore and Italy's UniCredit , had been buying up shares in recent weeks through subsidiaries and raised its stake to 10.45 percent last month.
An official at the Dubai Financial Market said trade done on May 6, and settled on May 8, had lifted Aabar's position to 53 percent. The new shareholder structure will be updated on the bourse's website on Monday.
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