Arabtec, Dubai鈥檚 biggest contractor and the firm that built the Burj Khalifa, the world鈥檚 tallest tower, has agreed to sell a 70% stake to an Abu Dhabi investment fund for 拢1.1bn

The move follows Abu Dhabi鈥檚 拢6.2bn bail-out of Dubai in December, which came after the state-owned company Dubai World, which owns developers Nakheel and Limitless, said it would seek to freeze repayments on its $26bn (拢16bn) debt pile.

Chet Riley, an analyst at Nomura, said: 鈥淒ubai has received support, but it is now time to pay the piper.鈥�

Although Dubai does not hold shares in Arabtec, it is the contractor鈥檚 biggest debtor and Riley said he assumed it would now be required to 鈥渕ake good on its contractual payment obligations鈥�.

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