A deal that would have involved an investment fund linked to the Abu Dhabi state taking a controlling stake in Dubai contractor Arabtec has been abandoned at the eleventh-hour.
A deal that would have involved an investment fund linked to the Abu Dhabi state taking a controlling stake in Dubai contractor Arabtec has been abandoned at the eleventh-hour.
Aabar was to have payed $1.74bn (拢1.13bn) for a 70% stake in Arabtec, which worked on the Burj Khalifa, the world鈥檚 tallest building.
The deal was announced in January while Arabtec was struggling with cash flow problems. In February, the contractor downed tools on a 拢400m scheme for developer Nakheel, a subsidiary of Dubai World, alleging overdue payment.
No reason was given for the cancellation, however Dubai World鈥檚 $9.5bn (拢6.1bn) debt restructuring programme, announced in March is thought to have improved Arabtec鈥檚 cash situation.
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