Aabar in US$2bn deal with China State Construction

China State Construction Engineering Corp said on Wednesday it had signed an agreement with Abu Dhabi sovereign fund Aabar to develop real estate projects in Abu Dhabi for a total investment of US$2 billion.

Industrial and Commercial Bank of China will provide Aabar with funding, while China State Construction will be the contractor for the projects, China State Construction said in a statement to the Shanghai stock exchange.

Aabar chairman Khadem Al Qubaisi was announced on Tuesday as the new chairman of Dubai construction giant Arabtec Holding, sources told Arabian Business.

Sovereign fund Aabar raised its stake in Arabtec to 10.45 percent last month, making it the largest shareholder in the company.