Arabtec is trying to evolve from a local contractor into a multinational development company as its finances are boosted by a recovery in Dubai’s property market.
The contractor has won a series of deals in the region recently, including the development of Abu Dhabi’s main airport and the building of a Louvre Museum.
NBAD, 70 per cent owned by the Abu Dhabi government, has been realigning its business under new chief executive Alex Thursby, who took charge last summer.
The UAE concession system allows oil producers to acquire equity in hydrocarbon resources from the country, with ADNOC usually holding a 60 per cent stake in each joint venture.
Sheikh Saud bin Saqr al-Qasimi, a member of the ruling family of Ras Al Khaimah, has agreed to sell 250 million shares in the company, a bourse statement said.
The German airline had said last month it was in talks over certain options that prompted speculation that Etihad could gain more control over the carrier.