Aabar to build towers in Al Raha

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.