Shareholder in UAE’s Arabtec agrees to give it AED400 million debt facility

July 14, 2016 11:02 am


Dubai-listed contractor Arabtec Holding said on Thursday its shareholder Aabar Investments had agreed to give it a AED400 million ($108.9m) debt facility to help weather “challenging” conditions in the regional construction market.

 

The money will provide Arabtec with additional funding to use towards delivering ongoing and newly awarded projects in a timely manner, said Saeed Mohamed al-Mehairbi, acting chief executive of Arabtec Holding.

 

Abu Dhabi state fund Aabar Investments owns 36 per cent of the company.

By Reuters
A division of Thomson Reuters, Reuters is an international news agency headquartered in London, England, and provides up-to-the-minute news and views on global and regional events.



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