Business | Construction
Channel Sponsor
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.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:35 November 24, 2008
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.
Share this article
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
Cafe Nero's premium coffee blends
UK chain plans to open 50 outlets in region following UAE launch
-
Emirates to fly direct to Tokyo
Airline considers code-share deal with JAL after adding second destination in Japan
-
Work on world's longest sea crossing
The proposed Qatar-Bahrain causeway project is estimated to cost Dh9.9 billion
