Abu Dhabi to buy 70% stake in Dubai's biggest contractor

Dubai's biggest contractor Arabtec, which worked on the world's tallest tower, the Burj Khalifa, has agreed to sell a controlling stake to Abu Dhabi. While Dubai does not hold shares in Arabtec, it is the contractor's biggest debtor.

A state-controlled investment fund in Abu Dhabi called Aabar is taking 70% of Arabtec for 6.42bn dirhams (£1.1bn) in a deal still to be approved by existing shareholders.

This follows on from pre-christmas when Abu Dhabi agreed to lend Dubai's government $10 billion (£6.13bn) to help it pay off its debts.