Palm Hills
PHDC
PHDC
Arabtec Holding
ARTC
ARTC
Aabar Investments has sought to increase its investments in the real estate sector both locally and regionally through raising its stake in the Dubai-listed Arabtec and acquiring other stocks in Egypt’s Palm Hills Development Company (PHDC).
Experts told Mubasher that the deals carried out by the investment arm of the government of Abu Dhabi are a step towards seizing investment opportunities and growing its revenues and returns, added to paving the way for the implementation of the One Million Units Project in Egypt through its strategic partner in Egypt, namely Arabtec.
Arabtec Holding had been in talks with the Egyptian government over the past few months to carry out the One Million Units Project at investments worth $40 billion.
Aabar recently bought 5.1% in PHDC, Egypt’s second largest-listed real estate firm,whose market capitalization amounts to EGP 5.8 billion. The deal was announced on Sunday, November 9, 2014 but no financial value was announced.
Commenting on the Aabar buy, PHDC’s Board Chairman Yasin Mansour said that Aabar will boost Palm Hills’ value through its global investment portfolio. Following the agreement, Aabar will have a representative on the Company’s board, a statement by PHDC revealed.
Earlier this week, Mansour said that the Egyptian economy has successfully lured backed regional and global investors and restored the confidence of global institutions, which placed Egyptian companies in the limelight.
It is worth noting that the International Petroleum Investments Company (IPIC), another investment arm for the Abu Dhabi government, owns around 97.82% of the Abu Dhabi-based Aabar Investments.
Arabtec had announced late Tuesday that Aabar Investments purchased 707.004 million shares in the real estate firm at AED 5 per share from the stake owned by Arabtec’s former CEO Hasan Ismaik and other companies related to him.
It is worth noting that following the deal, Aabar’s stake in the Dubai-based construction giant has grown to 34.93%, whereas Ismaik’s stake has retreated to 11.8%. The deal amounted to a total of AED 3.35 billion.
Experts told Mubasher that the deals carried out by the investment arm of the government of Abu Dhabi are a step towards seizing investment opportunities and growing its revenues and returns, added to paving the way for the implementation of the One Million Units Project in Egypt through its strategic partner in Egypt, namely Arabtec.
Arabtec Holding had been in talks with the Egyptian government over the past few months to carry out the One Million Units Project at investments worth $40 billion.
Aabar recently bought 5.1% in PHDC, Egypt’s second largest-listed real estate firm,whose market capitalization amounts to EGP 5.8 billion. The deal was announced on Sunday, November 9, 2014 but no financial value was announced.
Commenting on the Aabar buy, PHDC’s Board Chairman Yasin Mansour said that Aabar will boost Palm Hills’ value through its global investment portfolio. Following the agreement, Aabar will have a representative on the Company’s board, a statement by PHDC revealed.
Earlier this week, Mansour said that the Egyptian economy has successfully lured backed regional and global investors and restored the confidence of global institutions, which placed Egyptian companies in the limelight.
It is worth noting that the International Petroleum Investments Company (IPIC), another investment arm for the Abu Dhabi government, owns around 97.82% of the Abu Dhabi-based Aabar Investments.
Arabtec had announced late Tuesday that Aabar Investments purchased 707.004 million shares in the real estate firm at AED 5 per share from the stake owned by Arabtec’s former CEO Hasan Ismaik and other companies related to him.
It is worth noting that following the deal, Aabar’s stake in the Dubai-based construction giant has grown to 34.93%, whereas Ismaik’s stake has retreated to 11.8%. The deal amounted to a total of AED 3.35 billion.
Source:
Mubasher Exclusive
