Abu Dhabi’s Aabar Investments, which scrapped a $1.7 billion deal to take a majority stake in Arabtec two years ago, has raised its holding in the Dubai builder to 5.28 per cent, according to a filing on the Dubai stock exchange.
The move makes the sovereign wealth fund one of the largest shareholders in Arabtec. The stake is held under Aabar Petroleum Investments, the filing showed.
Arabtec shares have risen 124 per cent this year amid talk of an institutional investor buying up a stake. Neither firm had commented on the speculation.
In 2010, the two firms said they would cooperate strategically after Aabar’s bid to buy 70 per cent of Arabtec was abruptly cancelled.