Seeing Aabar putting this offer to Artc, doesnt this mean that Aabar is financially strong enough to pay for such a deal and that they have smart future plans to utilise Artc and hence do profit out of all this?
I would assume Aabar hv done their homework and are smart enough to look at the overall picture where they see a good investment which we can not see right now
Unless all this is a game as mentioned earlier in some posts
But I doubt anything will happen, it is just lip service.
I knew nothing like this will happen.
Gulf News 11 January 2010:
No targeted investigation into movement of Arabtec
Dubai: The Dubai Financial Market (DFM) said on Monday that there is no targeted investigation into Arabtec's (ARTC) share price movement following Aabar Investments' (AABAR) offer to buy a 70 per cent stake in the construction major.
An official spokesperson told Gulf News that the bourse will conduct an overview of trading in the Arabtec stock in the past 15 weeks as part of a routine procedure.
"We review trades by default, especially when it involves major transactions related to the stock," the DFM official said.
The routine check is only a review and the DFM will not make any announcements. "We will disclose details, if we have something."
Seeing Aabar putting this offer to Artc, doesnt this mean that Aabar is financially strong enough to ...
It is politics more than anything. Abu Dhabi Government through IPIC owns 71.23% of Aabar, so 70% of Artc will translate to just less than 50% to IPIC. They can aquire another 0.5% easily through the market to have a simple majority. Now here is an intriguing scenario:
What if Abu Dhabi, through IPIC through Aabar using the vehicle of Artc, demand that developers pay up their dues to Artc. That is quite some muscle. Of course, that could also mean forcing Emaar to pay Artc or else!
The "or else" could translate to a holding in Emaar for Abu Dhabi.
Just day dreaming, no reason to be alarmed ... not.
Can somebody translate arabic to english, what's the disclosure by ARTC about AABAR investment ...
Might be the one referred to in the report from Reuters today (see below). Would be funny if it was, given that Arabtec apparently said they had a "full commitment to disclosure" to the DFM and ESCA. I guess they missed the part where DFM and ESCA request all disclosures to be in Arabic and English.
There is a notice on the English version of the DFM site, but the link won't open for me.
DFM 12 January 2010:
(ARTC) Arabtec: Statement from the co. regarding its investment agreement of Aabar Investments
Reuters 12 January 2010:
Arabtec defends disclosures on Aabar stake deal
by John Irish
Dubai's Arabtec (ARTC) said it had a "full commitment to disclosure" to authorities after its shares jumped 30 percent in the two weeks before Abu Dhabi's Aabar Investments' (AABAR) purchased a 70 percent stake.
Arabtec said it had confirmed to the Securities and Commodities Authority in Abu Dhabi and the Dubai Financial Market its full commitment to disclosures in line with regulations.
In a filing on the DFM, Arabtec said it had complied with the disclosures and transparency rules on Aabar's bond conversion of Arabtec's shares.
The firm outlined its actions since rumours of the deal surfaced on December 29 and said under market rules it had not needed to inform the regulator of private negotiations as long as shareholders, board members, executives and their immediate relatives did not trade its shares.
As the shares rallied in late December, both Aabar and Arabtec released statements saying there was no truth to rumors that Aabar had purchased a stake.
On January 9, Arabtec said that Aabar was looking to finalise a deal on January 13 to acquire a 70 percent stake in the United Arab Emirates' largest contractor for $1.7bn.
Arabtec was down 0.4 percent at 0726 GMT, taking its losses to 10.4 percent since the Aabar stake sale was announced.
On January 9, Arabtec said that Aabar was looking to finalise a deal on January 13 to acquire a 70 percent stake in the United Arab Emirates' largest contractor for $1.7bn.
So tomorrow Jan 13,2010 will be a very crucial DAY ?
Jan 13th passed, no news.
i just wish there is regulatory body that comes in , investigate all this manupilation just like everyehere else in the world and put fines in millions + some time in jail, maybe this will stop all this manupilation in D market. Without this in place we will expect more and more BS.
I can understand your feeling. But My dear bandakok this will only happens after Dooms Day or End of time. When the entire Universe system will collapse.
Regulator. They are not and will never be angels.
In my opinion Hell will be House Full & Heaven will be Totally vacant.
DUBAI — Aabar’s (AABAR) proposed acquisition of a majority stake in Arabtec (ARTC) came a step closer to reality after the companies completed legal diligence as per schedule announced last week, people familiar with the situation told Khaleej Times on Thursday.
However, they said, it could take another month to close the Dh6.4 billion deal as shareholders’ meeting of Arabtec is expected not before early next month where three quarters of shareholders must still approve the sale to Aabar.Abu Dhabi-based investment fund Aabar last week offered to buy a 70 per cent stake in Dubai’s construction giant Arabtec via a mandatory convertible bond for a fixed purchase price of Dh2.3 per share — a 20.4 per cent discount to the closing share price on January 7 of Dh2.89 per share.
The deal, which requires Arabtec to issue new shares and in the process dilute earnings for existing shareholders, was received with a selling-spree at the stock market with Arabtec shares losing over 15 per cent of their value this week. Still, some analysts have said that shareholders should understand that the cash injection from Aabar was probably the only way out of a massive pile of outstanding receivables, estimated at Dh4.5 billion as of third-quarter 2009. It is estimated that out of these receivables as much as Dh2 billion could be overdue, or potential defaults, against which the company might have to take impairment charges
Tie up with an Abu Dhabi entity might also add a new pipeline of contracts for Arabtec. However, Al Mal Capital estimates that the contractor would have to win Dh27 billion of new orders to make up for the shareholder dilution.
Arabtec management has shown enthusiasm about the benefits of the deal but has revealed little about the company’s financial state.
“Arabtec extraordinary general meeting, or EGM, will be held within the next 30 days and silence will be maintained until the EGM takes place,” Riad Kamal, chief executive officer of Arabtec Holding, told a Dubai-based TV channel this week.
“The proposed Aabar bid for 70 per cent of Arabtec is undoubtedly great for Aabar and Arabtec but whether it is for minority shareholders is far from clear. The dilutive effect of the transaction should it be approved will need to be made up for elsewhere in order to preserve earnings per share value for existing shareholders,” said said Matthew Wakeman, managing director at cash-and-equity-linked trading at EFG-Hermes.
“The Arabtec management will be keen to highlight the positives to shareholders ahead of any EGM in order to have a yes vote for the convertible bond,” he said.
The company had said last Saturday that closing of the transaction was subject to completion of legal diligence by January 13, and consent of Arabtec shareholder through an extraordinary general meeting and after obtaining the necessary regulatory approvals.
The share capital will be increased from Dh1.196 billion to Dh3.986 billion (representing conversion of the mandatory bond so that Aabar will own over 2.79 billion shares or 70 per cent of Arabtec Holding PJSC total shares after conversion of the bond) for a total investment consideration of over Dh6.418 billion.
National approach needed for share market regulation
Frank Kane
There is a shake-up going on in UAE stock markets, kicked off by the announcement of a merger between the Dubai Financial Market (DFM) and NASDAQ Dubai (NDAQ).
For the sake of market transparency and integrity it cannot happen a moment too soon, if the current situation involving Aabar (AABAR) and Arabtec (ARTC) is anything to go by.
At least on the regulatory front, the DFM could do with an immediate injection of the rigorous sanctions NASDAQ Dubai has at its disposal. The Aabar-Arabtec affair also further advances the argument that Emirates Securities and Commodities Authority (ESCA), the UAE federal watchdog, should also be in on the merger.
Only an Emirates-wide approach to market supervision and regulation can help prevent a mess such as Arabtec-Aabar happening again.
Let’s step back a few weeks to understand what has happened with these two important UAE companies. Aabar, which is listed on the Abu Dhabi Securities Exchange, is 71 per cent owned by the International Petroleum Investment Company, a major Abu Dhabi financial flagship. Through Aabar, it has made high-profile foreign investments such as the holdings in Daimler and Virgin Galactic.
Arabtec is one of the construction groups that have built modern Dubai. It played a major part in the transformation of the emirate in the boom years, building across a wide range that included luxury villas, high-rise apartments and airport facilities.
Towards the end of last year, as the property downturn took a serious grip on Dubai, it became apparent that Arabtec was going to have to take radical action to help it through the tough times.
While most analysts thought Arabtec was reasonably well capitalised, there were concerns about where future business would come from, and some worries about the strain of meeting trade liabilities.
This put pressure on its share price, which, having held up well most of the year, began a sharp downward spiral in the autumn.
Dubai World’s difficulties in November only served to highlight Arabtec’s own problems, leading to a further sharp sell-off. On December 9, its shares dropped to Dh1.73, an 11-month low.
About this time there was the first market buzz that Arabtec could have found a solution to its problems in the shape of a deal with Aabar.
It looked a win-win situation. Arabtec could recapitalise itself with Abu Dhabi cash, and gain access to the more resilient construction business in the capital. Aabar would gain the expertise of one of the UAE’s foremost contractors at a good price.
The share price started to climb back as rumours of a deal circulated. By December 28, they had gained some 57 per cent as news agencies reported market speculation of a link-up with Aabar.
Then something peculiar happened. Arabtec said it was unaware of any reason for the share price rise and added that no talks had taken place with the Dubai company.
But the shares kept on rising. They carried on their upward trajectory even when, a few days later, Aabar reiterated that there were no talks.
To carry on buying in the face of denials from the two principal parties to the transaction required a lot of bravery on the part of those shrewd punters on the DFM, who were backing with hard cash their judgement that a deal would go ahead.
Shrewd? Well, not as it turned out. When a few days ago Aabar and Arabtec announced that they would, after all, be combining, the shares immediately fell on fears of dilution of existing shareholders by Aabar’s 70 per cent stake.
But by then anyone who had bought in the period after 9 December already had ample opportunity to get out of the stock with a handsome profit.
A couple of days ago, the DFM said it was looking at the Arabtec share price fluctuations as part of a routine review mounted when there had been big movements ahead of an announcement. It does not need too much sophistication to see that something strange has happened.
The right course of action for the DFM, once it has formally analysed the trading patterns, would be to hand over the case to the ESCA, the proper body to determine whether anything improper has taken place.
With hindsight, another course of action should have been adopted once the shares began their leap last month. As is common in other stock markets, trading in both companies should have been suspended, and their boards should have issued statements to the effect that they were in talks that could lead to a takeover offer, but may not necessarily do so.
That would have immediately halted any possibility of speculative gain and given both companies time to reach a measured deal. The case of Aabar-Arabtec proves that only a UAE-wide approach to market regulation will do.
DUBAI — Aabar’s (AABAR) potential acquisition of a majority stake in Arabtec (ARTC) can add significant value to shareholders of the construction firm through fundamentally improving the outlook for backlog, market share, stock valuation and earnings, Swiss investment bank Credit Suisse said in a research report.
The report issued on Friday said that a sharp decline in stock price of Dubai-listed Arabtec shows the market is too focused on the acquisition price and dilution. The market “is missing the potential added value that Aabar can offer to compensate for the discount,” analysts Ahmed Badr said.
Abu Dhabi-based investment fund Aabar last week offered to buy a 70 per cent stake in construction giant Arabtec via a mandatory convertible bond for a fixed purchase price of Dh2.3 per share — a 20.4 per cent discount to the closing share price on January 7 of Dh2.89 per share.
The deal, which requires Arabtec to issue new shares and in the process dilute earnings for existing shareholders, was received with a selling-spree at the stock market with Arabtec shares losing over 15 per cent of their value last week.
Aabar and Arabtec have completed legal diligence as per schedule announced last week. However it could take another month to close the Dh6.4 billion deal as an Arabtec EGM is unlikely before early next month where three quarters of shareholders must still approve the sale to Aabar.
Badr agreed that the deal is very dilutive, by about 70 per cent, to earnings per share EPS and the acquisition price is at a 31 per cent discount to his heavily-discounted target price of Dh3.33 per share. But a sensitivity analysis shows that Aabar, majority owned by the Government of Abu Dhabi, can help improve the current backlog estimates by giving Arabtec access to projects in Abu Dhabi, he said, adding the cash injection of Dh6.4 billion will also enhance Arabtec’s balance sheet and boost Arabtec’s ability to bid for larger projects.
“Assuming that Arabtec can secure an additional Dh4 billion ($1.1 billion) a year, we estimate this would add Dh0.66 per share, thus resulting in an implied acquisition price of Dh2.96 per share (Dh2.3+Dh 0.66), a 3 per cent premium to market price on January 7.”
Badr said that Arabec’s depressed valuation was always due to balance sheet concerns regarding risk of receivables impairment, which resulted in Arabtec trading at a wide discount of 68 per cent to global peers over the past 12 months. “This will no longer be the case post the deal as the stock would re-rate as a result of the Dh6.4 billion cash injection,” he said.
Badr said that Arabtec can also utilise the cash in international expansion. A strong cash position will help secure funding from banks for large projects across the region, give confidence to acquire other regional contractors to secure a footprint in markets such as Libya, Saudi Arabia and possibly Algeria.
“Although we continue to exclude it from our forecast, but the cash injection implies that Arabtec’s Dh10 billion ($ 2.7 billion) project in Russia may be on track and the company needs to have enough cash to fund construction.”
The project in St. Petersburg, the old imperial capital of Russia and its second biggest city is a 400-metre high twisted glazed spiral flame shape structure, having the shape of a flame that resembles the logo of Gazprom. The project is called Okhta Social and Business Centre. It was previously named as Gazprom City; but in March 2007, the project was renamed after the Okhta River.
“Assuming our analysis is correct; we believe Aabar could add significant value to Arabtec’s shareholders through fundamentally improving the outlook of Arabtec’s backlog and earnings. We believe that if Arabtec’s management can present a strong growth case to shareholders and a clear guidance on the Dubai receivables, shareholders would vote in favour of the deal,” Badr said.
Just i thought incase you guys forgot the letter of ARTC dated 30/12/09
http://www3.dfm.ae/documents/News%20Files/be423335-195d-47a8-a875-6e90839b49da.doc
Its in arabic, and ARTC clearly denies the takeover of Abaar and denies any communication with them even.
That means someone is not telling the truth and taking us for fools or the CFO does not know what is happening in the company he is working for .
I still beleive something is not correct with this deal as no one will sell at 2.30 especially not the Saudis who paid alot more than that for a good piece of ARTC.
With all said, ARTC did not have a single day of limit down after the announcment of Abaar takeover.
Someone said earlier in the forum that most of the trading were sellers but there could never be sellers without buyers.
May we know who bought all these millions of shares in 2 days ?
The centrepiece of the Dh25 billion (US$6.8bn) upgrade at the Abu Dhabi International Airport is a step closer after a call for expressions of interest from contractors.
Builders have until February 1 to lodge their bids for the general contract at Abu Dhabi's Midfield Terminal, the cornerstone of the capital's aviation and tourism growth strategy.
The Supervision Committee for the Expansion of Abu Dhabi International Airport (SCADIA) yesterday asked for detailed applications and a Dh50,000 cashier's cheque from interested bidders.
The Midfield Terminal is designed in the shape of the letter "X" by Kohn Pedersen Fox Associates of London.
The project is running four years late, being originally expected to open next year. The first phase is now scheduled to open in the first quarter of 2015.
Officials have said plans were delayed due to the time needed to bring together all of the stakeholders, from immigration, customs, police and the transport departments, and because Etihad Airways's new fleet orders meant changes to the design.
In September last year, a spokesman for the Abu Dhabi Airports Company (ADAC) said the firm had stopped issuing completion dates for the terminal.
"Our official position on this is Abu Dhabi Airports Company's planned Midfield Terminal complex is expected to be open within the coming few years," the ADAC spokesman said at the time.
The new terminal will have a built-up area of 630,000 square metres and will initially serve more than 20 million passengers a year, or roughly triple the capacity at the airport's existing three terminals.
The project includes the construction of a multi-storey car park, landscaping and air-side developments.
SCADIA said bidders should have a turnover of more than $5bn a year, and have successfully completed five projects of a similar nature in the past decade, two of which must be worth more than $1bn.
They must also be able to demonstrate that they can perform the work in Abu Dhabi, show evidence of financial strength, and have a proven ability to work under best practices of sustainability.
At the site, earthworks and piling are already under way, while a new 110-metre tall air traffic control tower is expected to be completed within months.
Abu Dhabi's airport, which is served by more than 40 international carriers, was the fastest-growing airport in the world in 2008, according to Airports Council International, led by the rise of Etihad.
To cope with this growth, SCADIA and ADAC, which manages the airport, opened the Dh1bn Terminal 3 for the exclusive use of Etihad last year.
It is scheduled to release its traffic figures for last year soon.
SCADIA said bidders should have a turnover of more than $5bn a year, and have successfully completed five projects of a similar nature in the past decade, two of which must be worth more than $1bn.
As I understand the requirements, ARTC would not pre-qualify. I expect ABB and similar sized firms will be on the bid list.
Hi all...13th Jan came and gone...still no clarity about the merger if any and what will happen to stock holders and what is their dividend this year...nobody seems to be talking in plain english...just lenghty press release which makes no sense to a novice share holder...plz advise some one... _________________ Money is still mine...but You guys can always give advice...Thats what friends are for...
Analysis from Arabian Business online Issues Jan 21,2010.
Arabian Business 21 January 2010:
Why Arabtec's shareholders must say yes
by Damian Reilly
If Arabtec's shareholders turn down the chance to allow Aabar to take a 70 percent stake in the company they need their heads looking at. The naysayers are worried about dilution of value, and the performance of the share price since the acquisition proposal was announced. They're missing the point.
Aabar taking such a large stake in the company is the best thing that could possibly happen to Arabtec at the moment. The company's stock value (AED2.41 at the time of writing) is depressed because it is owed a very large amount of money, in Dubai particularly, and the market knows it. Without this money, it is hard for Arabtec to expand as aggressively as it would like to.
Credit Suisse says Arabtec shares traded at an average 68 percent discount to its global peers in 2009. With Aabar's money - $1.7bn, cash, effectively upfront - debtors not paying would no longer be a short term problem for Arabtec. Nor a long term one, while we're on the subject, certainly not within the UAE. Aabar is 70 percent owned by the UAE government. Very soon, then, if the deal happens, refusing to pay Arabtec will equate to refusing to pay the UAE government. At the end of Q3 last year, Arabtec had some AED 4.6bn ($1.25bn) owed to it, of which AED2 to 2.5bn came from Dubai.
Not only will the cash injection give Arabtec a huge boost of funds to invest in its business and with which to undertake new work (the company would have a net cash position of well over AED5bn) but association with Aabar would open many doors for it, particularly in Abu Dhabi and the oil and gas sector.
A Shuaa Capital report on the proposed deal notes market rumours that Aabar straight off intends to bring Arabtec the AED6bn presidential palace contract and the AED4bn Cleveland Clinic contract. Aabar itself will also be able to award work directly: since November 2008 it has bought 22 plots of land in the capital. Together, work on these projects would amount to more than AED 20bn.
Credit Suisse currently estimates that Arabtec's backlog of work will shrink by twelve percent a year. It forecasts that should Aabar be able to bring in a minimum of AED 4bn of work a year, the backlog would grow by between six to 24 percent. Such a scenario would see Arabtec's earnings growth rate move from their current estimate of two percent to between thirteen and 27 percent, and push the share price to around AED3 a share. Should Aabar be able to bring Arabtec projects worth over AED10bn a year, the bank forecasts a share value of well over AED4.
Arabtec's shareholders have a big decision to make. Voting in favour of allowing Aabar to take the proposed stake will see the company likely become the builder of choice for the government of Abu Dhabi, allowing it not only to considerably expand its operations there, but giving it the cash to aggressively take advantage of opportunities all over the Middle East and even, possibly, Russia.
Refusing to let Aabar join the party will not only mean that Arabtec will continue to operate with its current liquidity problems, making it unable to capitalise on current opportunities, but also will effectively slam shut, or at least drastically close, the door leading to the goldmine that is Abu Dhabi's construction projects (last year, ninety percent of construction contracts awarded in the UAE were in Abu Dhabi. They were worth $39bn).
Arabtec is the biggest construction and engineering company in the Gulf, employing some 70,000 people. To maintain that position, the Aabar proposition would be a wonderful piece of business.
Dilution be damned: if the deal goes ahead, I predict Arabtec's share price will go through the ceiling.
A nice way to shift sentiment of shareholders is to bring the price lower than what was offered.
Nice way to twist my arm GUYS. This is to make sure that Abbar takeover will go through, and if it does then ARTC shares will shoot up.
Also timing of the new projects that ARTC got in the last few days.
What a mess.!
Hi all. What does the Aabar Arabtec deal mean for shareholders? I own 25,000 shares. Do i now own the same amount? Will i lose any? Should i buy more?
If the deal goes through you will continue to own the same number of shares.
The deal will generate new shares which will be owned by AABAR which will dilute your holding, however creation of the extra shares will put extra capital into the company.
Basically, you will own a smaller percentage of a bigger company.
What happened to ARTC today looks to me like this :
aed 100 note is selling at aed 95 .
How could it , when someone is willing to pay over 2.30 some are selling cheaper or we could call this forcing the rate down and creating a panic.
Who monitors all these activeties in DFM ?
Guys,
Let me share my expereince who have seen such big management shares take over in another market.
When you decide to buy lets say 50% of a company share you have to ways:
1.If it is possible collect it from market, considering there are enough floating shares in the market.So in this case of course market will react and price will go up automatically.
2.You have to buy it from big buys then they will ask for higher price than market, because you are buying management share which naturally is valuable than normal shares.
Simply we have found out , based on many examples we have seen, that normally management share price will be 20% higher than normal available share price in market.
Hence that was not surprise for me to see ARTC below 2.30, as a lot of people thought 2.30 would be minimum possible for ARTC.
In fact even if I see ARTC at 1.80 that is not again surprising me.
This is not to say ARTC will reach 1.8 or will not, it is just a simple explanation.
Following is a News from Arabian Business Online .
Reuters 25 January 2010:
UAE's Habtoor Grp eyes European hotel buys
by Tamara Walid
Dubai's Habtoor on hunt for Paris, London 5-star hotels
Rothschild identifying hotels, assets for grabs
Looks to win $8.2 bln deals in UAE with Leighton in 2010
Dubai's Habtoor Group, which bought into Barclays in 2008, has asked Rothschild to identify five-star hotel targets in Europe, its chairman said on Monday, taking advantage of lower prices in the wake of the financial crisis.
The conglomerate is also aiming to win up to $8.2 billion worth of building contracts in 2010 with Australia's Leighton Holdings.
Habtoor, which owns hotels in the UAE, was one of several Middle East investors that bought into Barclays in 2008 as the lender looked to boost its capital to weather the financial crisis.
"We talked with Rothschild bank ... about investment in Europe and especially in London and Paris for hotels if there is anything they can find so they are looking for us," billionaire Khalaf al-Habtoor told Reuters in an interview.
Habtoor added the group was also looking at companies who want to sell their assets due to a lack of financial liquidity.
Habtoor said in August the group had about $1.3 billion to invest in Europe.
The group, which rivals Dubai's largest contractor Arabtec, has a joint venture with Leighton and has said it may float its engineering unit or the entire group in the third quarter of 2010, with possible listings in Dubai and London.
Habtoor declined to comment on the potential IPO on Monday.
The construction firm is working on about 27 billion dirhams ($7.35 billion) of projects in the United Arab Emirates at present and expects to bid on about 40 billion dirhams worth of projects in Abu Dhabi alone this year, Habtoor said.
"We are expecting this year that we have to grab a minimum of 25-30 billion dirhams in projects," Habtoor said.
Future Projects, Pipeline
The company is eyeing airport project contracts in several countries, Habtoor said.
In Turkmenistan, it is bidding for a $1.5 billion project, and has signed a preliminary agreement to build the first phase, in excess of $500 million, of a Kuwait airport.
He added the company expected to win new projects in the UAE, including an airport, and hospitals in Dubai and Abu Dhabi.
"We are bidding for the airport in Abu Dhabi which is in excess of $6.5 billion," he said.
The group is a holding company for business ranging from construction, hospitality, automotive, real estate, education, and others, run by Habtoor, who is reputedly worth $1.1 billion according to the 2009 Forbes billionaire's list.
Habtoor, who owns and operates around seven luxury hotels in the UAE and Lebanon, saw full occupancies for its hotels in the beginning of January.
He said the company was "testing the waters" for two new hospitality projects in Dubai and expects to make a decision in the fourth quarter of 2010 or beginning of 2011.
The projects will include a mixed-use 3.5 billion UAE dirhams cluster and an 800 million dirham hotel on the emirate's man-made island The Palm.
The company also expects to boost its presence in Qatar as it looks to diversify revenues away from its home market.
"Qatar is becoming to us the second for construction after the UAE," Habtoor said.
In 2010, Habtoor said he expects his group to achieve a growth of 103 percent in net profit.He declined to give precise figures.
The company's turnover in the first half of 2009 exceeded 9 billion dirhams ($2.45 billion).
So my dear friend I think Arabtec & Abaar Wedding is the need not the choice.
Following is a News from Arabian Business Online .
Actually, it's a Reuters report. I've updated your post. Also, note that underneath the Quote box is a row of source tags you can use which automatically add the date and source (PR for Press Release, R for Reuters, etc) . _________________ UAE IPO list | posting guidelines
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They are not and will never be angels. 
