Leading UAE law firm Baker & McKenzie Habib Al Mulla has advised Hasan Ismaik, the former CEO of the Dubai-based and DFM-listed construction firm, Arabtec, on the sale of a significant stake in Arabtec to the Abu Dhabi state fund, Aabar Investments PJSC.
Mr Ismaik sold approximately 700 million Arabtec shares at AED 5 per share. Arabtec Holding Company is a full service construction company. The Company constructs structures that include high rise developments, hotel interiors, residential complexes, office blocks, commercial and industrial projects, major airport developments, offshore oil and gas installations and cinemas and entertainment facilities.
“We are delighted to have represented Mr Ismaik on such a significant transaction," said Borys Dackiw, UAE Managing Partner of Baker & McKenzie Habib Al Mulla. "This important mandate is a further endorsement of the strength and value of Baker & McKenzie's merger with Habib Al Mulla in 2013."
The Baker & McKenzie Habib Al Mulla team was led by UAE Managing Partner, Borys Dackiw, and corporate partner, Will Seivewright. Mazen Boustany (Partner, Banking & Finance) provided finance and regulatory advice and Steven Henderson (Partner, Real Estate) provided real estate and construction-related advice. Aabar Investments PJSC was advised by Allen & Overy.