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Arabtec CEO Says Door Is Still Open on Aabar Cooperation Talks

2010-05-25

May 24 (Bloomberg) -- Arabtec Holding PJSC Chief Executive Officer Riad Kamal said the door is still open for talks with Aabar Investments PJSC after the companies abandoned a stake sale plan. Arabtec, the U.A.E.’s biggest construction company, last month dropped a plan to be taken over by Aabar for $1.74 billion after Dubai government’s support of Dubai World improved the builder’s prospects. Arabtec and Aabar said they will now work toward forming a “strategic partnership.” Arabtec expects 40 percent payment in June from Nakheel PJSC, the Dubai World-owned property company restructuring $10.5 billion of debt, Kamal said.