Aabar in JV with German tunnel maker
Dubai, February 22, 2010
Aabar Investments said on Monday it had entered into a Dh25 million ($6.81 million) joint venture with a German tunneling manufacturer to develop business in the United Arab Emirates.
Abu Dhabi-based Aabar will own 51 per cent of the company and the remaining portion will be owned by Germany's Herrenknecht AG.
The company will own and operate a manufacturing facility for tunnel-boring machinery and equipment, for customers in the Gulf region and North Africa, a statement on the bourse website said.
Earlier this month, Aabar - the non-energy investment arm of Abu Dhabi sovereign wealth fund IPIC - said it was looking at acquisitions in the food, infrastructure and telecoms sectors.
Aabar in January agreed to acquire a 70 per cent stake in Arabtec in a deal valued at about $1.7 billion. – Reuters