Abu Dhabi’s Aabar Says Studying Boosting Arabtec Holding - Bloomberg

Abu Dhabi’s Aabar Says Studying Boosting Arabtec Holding - Bloomberg:



"Abu Dhabi’s state-owned Aabar Investments PJSC is weighing whether to increase its stake in Dubai construction company Arabtec Holding Co. (ARTC) after announcing last month it had cut its holding.



“Arabtec is an important company to Aabar and in the future we will review the stake we own in Arabtec in a positive way for the company,” Khadem Al Qubaisi, chairman of both companies, told reporters in Abu Dhabi today. The investment is a “strategic” one for Aabar, he said.



Arabtec gained almost 15 percent in Dubai trading, the most in more than two years. Aabar last month cut its Arabtec stake to less than 19 percent from almost 22 percent, stoking concern that the builder may be losing the backing of Abu Dhabi’s government. Arabtec Chief Executive Officer Hasan Ismaik quit on June 18 after Dubai’s largest listed builder lost a third of its market value in two weeks, sparking a stock sell-off in the emirate’s benchmark index."



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