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Known as the Arab Technical Construction Company (ATTC) when the company was founded in 1975, the firm was established as a public joint stock company in 2004, formed to invest in and acquire companies in the UAE's construction and contracting sector. The company's shares were listed on the DFM in January 2005.
"The Arabtec exit by the Abraaj Real Estate Fund marks the end of the holding period and natural conclusion of the investment cycle for this investment. We are extremely pleased to have made a significant contribution to the success of Arabtec and, of course, to be able to continue to generate such strong returns for our investors,"
said Arif Naqvi, Vice Chairman and Chief Executive Officer of Abraaj Capital.
"The performance of Arabtec continues to exceed analyst expectations," Naqvi said. "During the first half of this year alone, Arabtec was awarded five contracts worth Dhs3.6bn, including its first project outside the UAE. As Arabtec continues to move from strength to strength, we remain confident of its ongoing successful expansion."
"The construction sector is experiencing unprecedented growth across the region, and Arabtec will remain at the forefront of this expansion," said Riad Kamal, Chief Executive Officer of Arabtec. "Today, Arabtec has firmly established its reputation as one of the region's leading construction companies, providing high-quality work, on time and within budget. There is no question that the strategic support provided by Abraaj Capital over the past three years has proved critical to our success. We remain grateful to Abraaj Capital for their significant contribution to Arabtec's sustained growth and successful regional expansion."
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Posted by Anne-Birte Stensgaard, Senior News Editor
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