Text size:

  • Small
  • Normal
  • Large

Dubai's Arabtec buys Dh240 million stake in Burj Khalifa outfitter Depa

Arabtec Holding, Dubai's largest listed builder, said today it will acquire a stake in Depa, a day after the interior contractor's shares jumped 47 per cent on a rumoured buy.

DUBAI // Arabtec Holding, Dubai's largest listed builder, said today it will acquire a stake in Depa, a day after the interior contractor's shares jumped 47 per cent on a rumoured buy.

Arabtec said its board had approved the purchase of 149.6 million shares in Depa - valued at Dh241.6 miillion ($65.8m) based on yesterday's closing share price on Nasdaq Dubai - and it would take effect on November 22.

The builder, in which Abu Dhabi investment fund Aabar owns a stake, said it was buying the shares from various investment funds. It did not disclose the price it paid for the shares.

Shares in Depa soared yesterday, hitting a five-month high at $0.44. About 150 million shares changed hands, which is more than what the company's shares traded in the previous two years combined.

Depa said in a statement yesterday that "the name of the purchaser, the size of their current stake and their intentions are unknown."

Arabtec and a consortium of Turkish and Greek firms were awarded a $2.9 billion contract in June to build a mid-field airport terminal in Abu Dhabi. In the same month, Depa and its German joint venture partner saw a $245 million contract to fit out the new Doha International Airport terminated.

Depa has been involved in a number of high-profile projects in the United Arab Emirates, including the fitting of the interior for the Burj Khalifa, the world's tallest building.

*Amran Abocar

Back to the top

More articles

Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Above, the private pool of Ocean Heights' five-bedroom penthouse flat. Courtesy Christie’s International Real Estate

In pictures: Penthouse flat is height of Dubai luxury living

A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.

 The cooling towers of the Temelin nuclear power plant near the Tyn nad Vltavou in Czech Republic. The country wants to continue expanding nuclear energy capacity despite cancelling a tender to build two new units. David W Cerny / Reuters

In pictures: Best business images for the week to April 17, 2014

Here are some of the best business images for the week to April 17, 2014.

 A sign points the way to an outdoor market popular with German visitors on the Polish side of the German-Polish border. Sean Gallup / Getty Images

In pictures: A decade since the European Union went east

May 1 will mark 10 years since the European Union expanded east, taking in countries like Poland, the Czech Republic and the Baltic states as new members. And though the border region between Germany and Poland is flourishing with trade and cultural exchange, the open border has also brought a sharp rise in crime.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.


To add your event to The National listings, click here

Get the most from The National