China State Construction Engineering Corp has signed an agreement with Abu Dhabi's Aabar Investments to develop property projects in Abu Dhabi for a total investment of $2 billion, the Chinese company announced today.
Industrial and Commercial Bank of China is to provide Aabar with the funding, while China State Construction is be the contractor for the projects, China State Construction said in a statement to the Shanghai stock exchange, as reported by Reuters.
Arabtec's board announced in a statement to the Dubai Financial Market that it had appointed Khadem Al Qubaisi as its chairman. Mr Al Qubaisi is also the chairman of Aabar.
Aabar recently increased its stake in the Dubai builder Arabtec. It has built up a 10.45 per cent stake in Arabtec through purchases by two of its units. Aabar Petroleum Investments Company has taken its stake in Arabtec to 5.32 per cent, and Aabar Real Estate owns 5.13 per cent of the country's biggest builder by market value.
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