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  • 17-04-13

    Dubai's Arabtec will not acquire stake in Drake and Scull

    (MENAFN) Arabtec chief executive, Hasan Ismaik, announced that the Dubai-based builder will not acquire a stake in Drake and Scull, reported Arabian Business. Ismaik added that reports about a potential deal between the two companies are baseless. On the other hand, he noted that in the coming few days, the company will announce a joint venture with an oil and gas firm. Several reports hinted that Arabtec, which plans to increase its capital by USD1.8 billion, will acquire the 40-percent remaining stake in Target Engineering it does not already hold.

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