Business | Construction
Aabar to build towers in Al Raha
Abu Dhabi-based Aabar Investments PJSC (Aabar) on Monday said it had signed a purchase agreement with Tasameem Real Estate Co LLC to acquire two residential land plots in the Al Raha development area for an aggregate price of Dh500,876,100.
Abu Dhabi: Abu Dhabi-based Aabar Investments PJSC (Aabar) on Monday said it had signed a purchase agreement with Tasameem Real Estate Co LLC to acquire two residential land plots in the Al Raha development area for an aggregate price of Dh500,876,100.
"Once the purchase is completed, Aabar will develop residential properties of up to four residential towers," Aabar told the Abu Dhabi Securities Exchange.
Mohammad Badawy Al Hussainy, Aabar Investments' chief financial officer, did not respond to calls made by Gulf News after the announcement.
The news, however, failed to lift the market's sentiments towards Aabar's shares which fell 8.54 per cent yesterday on a declining market to close at Dh1.83.
More from Construction
More from Business
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE


