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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration

Arabtec moves staff to Abu Dhabi after Aabar raises stake in company

Posted on 13 February 2013

Arabtec Holding, Dubai’s largest construction company, has moved employees to neighbouring Abu Dhabi after a firm backed by the UAE capital increased its stake and took seats on the board last year.
Aabar Investments, backed by one of Abu Dhabi’s sovereign wealth funds, last year raised its stake in Arabtec to 21.6 per cent. The company has won large projects in Abu Dhabi in the past year, including construction of a branch of the Louvre museum and the Midfield terminal at Abu Dhabi airport. Aabar, which dropped a $1.74 billion takeover offer for Arabtec almost three years ago, was delisted from Abu Dhabi’s stock exchange in 2010………………………………………..Full Article: Source


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