Arabtec Holding's share price fell 5.76 per cent yesterday on speculation that it might delist after it emerged that Aabar Investments had taken a majority interest in the Dubai construction giant.
Aabar has increased its stake in Arabtec to 53 per cent, taking control of the Dubai construction giant two years after a planned US$1.74 billion (Dh6.39bn) takeover fell through two years ago. The two companies at that time said they would instead pursue a "strategic partnership".
Analysts said there was speculation that the company might delist. The International Petroleum Investment Company (Ipic) took Aabar private after a takeover in 2010.
"Everything is possible after what we have seen," said Sebastien Henin, a portfolio manager for the Middle East and North Africa at The National Investor.
Aabar's chairman, Khadem Al Qubaisi, said the company's stake was expected to increase in the next three months.
Speaking to the Arabic newspaper Alrroya, Mr Al Qubaisi described Aabar's investment in Arabtec as a "winning opportunity", adding the company planned to offer Arabtec development projects in Abu Dhabi.
Aabar had previously bought 23 per cent of Arabtec's shares directly, while the remaining 30 per cent was acquired from other shareholders, he said.
The Dubai Financial Market (DFM) does not track the ultimate parent company of investors in specific stocks.
"We periodically disclose shareholdings of 5 per cent and above on our website, according to regulations," a DFM spokesman said.
Another official at the DFM told Reuters a trade was executed on May 6 and settled on May 8, which increased Aabar's holding to 53 per cent.
The new shareholder structure would be updated on the exchange's website soon, the official said.
There have been various signs this year that Aabar was developing an increasingly close relationship with Arabtec.
Last week it was revealed Mr Al Qubaisi had been appointed chairman of Arabtec's board.
Aabar had only recently become the largest shareholder in Arabtec, the UAE's biggest construction company by market value.
Aabar built up a 10.5 per cent stake in Arabtec in recent months through purchases by two of its units. Aabar Petroleum Investments holds a 5.32 per cent interest, while Aabar Real Estate owns 5.18 per cent of the construction company.
Aabar is a subsidiary of Ipic, which is owned by the Government of Abu Dhabi.
At the same time as Mr Al Qubaisi's appointment at the helm of the Arabtec board, it was announced other Aabar executives and directors had also moved into influential positions last week. Mohamed Al Husseiny, Aabar's chief executive, was appointed by the board to Arabtec's investment committee, while the directors Mohamed Al Mehairi and Mohamed Al Fahim were appointed to the nomination and remuneration committee and audit committee, respectively.
Arabtec is a member of the consortium selected by Abu Dhabi Airports Company as the preferred bidder for the Dh11.75bn Midfield Terminal project at Abu Dhabi International Airport.
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
The British in India: Three Centuries of Ambition and Experience
by David Gilmour
Allen Lane
The biog
Favourite book: Men are from Mars Women are from Venus
Favourite travel destination: Ooty, a hill station in South India
Hobbies: Cooking. Biryani, pepper crab are her signature dishes
Favourite place in UAE: Marjan Island
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
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Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Killing of Qassem Suleimani
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
UAE currency: the story behind the money in your pockets
EPL's youngest
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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Killing of Qassem Suleimani
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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