Friday 22 October 2021

Shareholder to give Arabtec $109m debt facility

DUBAI, July 14, 2016

Dubai-listed contractor Arabtec Holding said on Thursday its shareholder Aabar Investments had agreed to give it a Dh400 million ($108.9 million) 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.-Reuters


Tags: Arabtec | Aabar | debt facility | shareholder |

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