Dubai builder Arabtec denies plans to acquire Kuwait’s Kharafi National

Dubai builder Arabtec on Wednesday denied that it planned to acquire Kuwaiti construction firm Kharafi National.

Sources familiar with the discussions told Reuters on Monday that Arabtec had been in talks with Kharafi National, part of the Kharafi Group, to fully acquire the company. On Monday, both Arabtec and Kharafi declined to comment.

On Wednesday, Arabtec said: “The company denies that it will acquire Kharafi National.”

Earlier on Wednesday, Arabtec issued another statement saying its board had not taken any decision on the acquisition of another company. It did not mention Kharafi National.

Its shares were subsequently suspended from trading at the request of the regulator.

Earlier this month Arabtec, which is 21.6 per cent owned by Abu Dhabi Government-owned investment fund Aabar, announced plans to recruit around 10,000 people across the Middle East and North Africa to support its ambitious expansion plan.

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