We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

Latest News

Dubai’s Arabtec to extend $650 million rights period

The Palm Island - Nakheel

June 24, 2013 10:00 by

Dubai builder Arabtec, part-owned by Abu Dhabi state fund Aabar, is expected to extend the subscription period for its $650 million equity rights issue, a source familiar with the matter said on Sunday.

Subscription for Arabtec’s rights issue was due to end on Sunday, two weeks after its launch on June 9; the issue is to help the builder expand its regional operations.

The source, speaking on condition of anonymity, said the rights issue period was expected to be extended after the entire amount was not taken up by shareholders. Arabtec declined to comment.

The fund-raising is part of Arabtec’s five-year expansion plan, which includes a further capital increase of $650 million by the end of 2014 if required. The company is selling 1.57 billion new shares at a price of 1.5 dirhams a share. Arabtec shares closed at 2.15 dirhams on Sunday, down 5.3 percent.

Arabtec, builder of Dubai’s famous palm islands, has been on an aggressive push for growth after it replaced its chief executive earlier this year in a shake-up led by Aabar, its largest shareholder, which has been tightening its grip on the group.

The company has won a series of contracts under the new management this year amounting to 13 billion dirhams ($3.5 billion) so far, mainly in the oil-rich emirate of Abu Dhabi where Aabar is based.


Leave a Comment