ICEC

Arabtec CEO Encourages Aabar To Raise Stake

The chief executive of Arabtec Holding yesterday said he considers Aabar Investments a key strategic stakeholder and that he would welcome it if Aabar increases its 10 per cent stake in the Dubai construction company.

“I would welcome a bigger participation from Aabar as well as Abu Dhabi…whether it is 10 per cent, or 20 per cent or 40 or 50, it is the same for us, this represents strong support for the company and it shows Aabar’s interest as a government entity in strengthening our company, giving it opportunities undoubtedly,” chief executive Riad Kamal told Bloomberg reporters on the sidelines of the company’s annual general meeting.

Aabar earlier this month raised its stake in Arabtec to more than 10 per cent, making it the single largest shareholder in the company. It had scrapped a deal in 2010 to take a majority stake in Arabtec.

“They have contracts, the contract we won last week was our fourth from Aabar and they have more to come,” he said. He added that despite four out of nine board members being from Aabar, there won’t be any changes to management and strategy.

Comments
Loading...