{"id":19728,"date":"2016-07-14T22:28:10","date_gmt":"2016-07-14T15:28:10","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=19728"},"modified":"2016-07-14T20:57:17","modified_gmt":"2016-07-14T13:57:17","slug":"arabtec-agrees-dh400-million-debt-facility-provided-by-aabar","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-agrees-dh400-million-debt-facility-provided-by-aabar\/","title":{"rendered":"Arabtec agrees Dh400 million debt facility provided by Aabar"},"content":{"rendered":"


\nArabtec Holding, the country’s largest-listed construction company, has agreed a Dh400 million debt facility to be provided by its largest shareholder. In a statement to the Dubai Financial Market, Arabtec said that the loan would be provided by Aabar, the investment fund controlled by the Abu Dhabi government. Arabtec, which has been hit hard by the slowdown in the UAE construction industry caused by a fall in global oil prices and the strong US dollar, said that the funds would be used to deliver current projects.”With the challenging conditions continuing in the regional construction market, this facility will provide Arabtec with additional funding to be directly deployed towards delivering our ongoing and newly awarded projects in a timely manner,” said Saeed Mohamed Al Mehairbi, the company’s acting chief executive.Earlier this year, Arabtec approved a move to use Dh1 billion of reserves to writedown losses of Dh2.27bn accumulated over six successive quarters. The losses meant it was close to breaching a market rule that states companies are not allowed to accrue losses amounting to more than 50 per cent of its share capital. Arabtec’s share capital stood at Dh4.6bn at the end of the first quarter.The move also comes after the Abu Dhabi government announced that it planned to merge International Petroleum Investment Company (Ipic), the parent of Aabar, with fellow Abu Dhabi fund Mubadala \u00adDevelopment. “This loan doesn’t change the narrative regarding Arabtec,” said Sanyalak Manibhandu, the head of research at NBAD Sec\u00adurities. “Arabtec is still suffering from the fact that some of its clients are not paying and in 2016 contractors are having a hard time. However, it does seem to show that the Abu Dhabi government is prepared to support its own companies in strategically important industries such as construction.” lbarnard@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Arabtec agrees Dh400 million debt facility provided by Aabar<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Arabtec Holding, the country’s largest-listed construction company, has agreed a Dh400 million debt facility to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-19728","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-58c","jetpack-related-posts":[{"id":43937,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-in-dh1-5bn-rights-issue-as-full-year-losses-widen-amid-weak-construction-market-in-gulf\/","url_meta":{"origin":19728,"position":0},"title":"Arabtec in Dh1.5bn rights issue as full year losses widen amid weak construction market in Gulf","date":"February 13, 2017","format":false,"excerpt":"\r Arabtec has announced a Dh1.5 billion rights issue in an attempt to pull the beleaguered Burj Khalifa builder out of the red after the company announced widening annual losses on Monday morning.In a statement to the Dubai Financial Market Arabtec said it was planning its second offering in three\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43939,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-in-dh1-5bn-rights-issue-as-full-year-losses-widen-amid-weak-construction-market-in-gulf-2\/","url_meta":{"origin":19728,"position":1},"title":"Arabtec in Dh1.5bn rights issue as full year losses widen amid weak construction market in Gulf","date":"February 13, 2017","format":false,"excerpt":"\r Arabtec has announced a Dh1.5 billion rights issue in an attempt to pull the beleaguered Burj Khalifa builder out of the red after the company announced widening annual losses on Monday morning.In a statement to the Dubai Financial Market Arabtec said it was planning its second offering in three\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6350,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubais-arabtec-soars-14-amid-speculation-ex-chief-hasan-ismaik-is-adding-to-stake\/","url_meta":{"origin":19728,"position":2},"title":"Dubai's Arabtec soars 14% amid speculation ex chief Hasan Ismaik is adding to stake","date":"February 29, 2016","format":false,"excerpt":"\r \r Arabtec jumped to the highest in almost four months as traders speculated former chief executive Hasan Ismaik is adding to his stake.The builder soared 14 per cent to Dh1.44 12.15pm in Dubai, the biggest jump since June. More than 368 million shares changed hands, about 14-times the six-month\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51544,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capital-restructuring-will-allow-arabtec-to-focus-on-long-term-prospects-says-chief-executive\/","url_meta":{"origin":19728,"position":3},"title":"Capital restructuring will allow Arabtec to focus on long-term prospects, says chief executive","date":"April 11, 2017","format":false,"excerpt":"\r Arabtec Holdings's chief executive, Hamish Tyrwhitt, has said that he is confident the capital restructuring programme, for which the company will seek approval from shareholders next week, will allow the group \"to capitalise on the positive long-term outlook for the construction and engineering sector in our key geographic market\".\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43923,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-in-dh1-5bn-rights-issue-as-full-year-losses-widen\/","url_meta":{"origin":19728,"position":4},"title":"Arabtec in Dh1.5bn rights issue as full year losses widen","date":"February 13, 2017","format":false,"excerpt":"\r Arabtec has announced a Dh1.5 billion rights issue in an attempt to pull the beleaguered Burj Khalifa builder out of the red after the company announced widening annual losses on Monday morning.In a statement to the Dubai Financial Market Arabtec said it was planning its second offering in three\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22849,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/arabtec-still-in-the-red-but-losses-reduced-by-74-per-cent\/","url_meta":{"origin":19728,"position":5},"title":"Arabtec still in the red but losses reduced by 74 per cent","date":"August 14, 2016","format":false,"excerpt":"\r The Dubai contractor Arabtec posted its seventh successive quarterly loss for the three months to June 30, although an increase in revenue has meant the scale of its losses narrowed.The company posted a net loss attributable to its parent company of Dh186.4 million \u2014 a 74 per cent reduction\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/19728"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=19728"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/19728\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=19728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=19728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=19728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}