NewsAabar buys land worth Dh2.7bn in Abu Dhabi
Aabar Investments has signed an agreement to buy 14 land plots in Abu Dhabi from Green Emirates for a total of Dh2.7 billion (US$735 million).
The plots are in several development projects such as Raha Beach, which is under development by Aldar Properties, the Rawdhat Abu Dhabi project by Reem Developers, and the Saraya project by Sorouh Real Estate.
Aabar said in a statement that the land would be used for development projects such as hotels, and residential and commercial buildings.
In February, the company signed an agreement with Tamouh Investments to acquire six plots on Reem Island, at Dh1,285 a square foot, for a total of Dh5bn. Development plans for Reem Island include four commercial tower buildings and eight mixed residential-commercial tower buildings, with a net floor area of 361,397 square metres. The 12 towers are due for completion in 2012.
Aabar’s biggest acquisition to date was the 9.1 per cent stake in Daimler, the car maker, for $2.7bn in March.
The company also completed the purchase of the Swiss-based private banking division of American International Group, renamed Falcon Private Banking.
The company agreed in December to pay 307m Swiss francs (Dh1.02bn) and assume 100m francs in debt to take over the bank.
Aabar reported that its first-quarter net profit increased to Dh177.3m, from Dh40.1m for the same period a year ago, after its state-owned parent, the International Petroleum Investment Company (IPIC), converted a bond issue into shares.
IPIC uses Aabar as its investment vehicle outside the oil industry.
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