- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:24 06:42 12:10 15:09 17:32 18:50
The UAE saw more than $20bn (Dh73.44bn) worth of merger and acquisition (M&A) deals in 2009, according to latest data.
Of this, $15.74bn, or more than 77 per cent, were acquisitions made by UAE-based firms, while the remainder was of foreign companies acquiring UAE companies.
Abu Dhabi-based International Petroleum Investment Company (Ipic) leads the charge with $6.4bn worth of acquisitions in 2009, followed by Aabar Investments, which made $2.93bn worth of acquisitions in 2009. Aabar is in the news again with the recent proposed acquisition of a 70 per cent stake in the Dubai-based Arabtec Holding Company.
Ipic's 32.5 per cent acquisition in April of Spain's Compania Espanola de Petroleos from Banco Santander for more than $3.8bn was the largest M&A deal involving a UAE firm in 2009, followed by Ipic's sale of its 70 per cent stake in Hyundai Oilbank Company to South Korean Hyundai Heavy Industries in November for a tad below $3.8bn.
Atic's $2.9bn takeover of Singapore's Chartered Semi?conductor Manufacturing from Temasek Holdings in September; Aabar's $2.65bn acquisition of a 9.10 per cent in Germany's Daimler in March; and Ipic's $2bn acquisition of Canadian Nova Chemicals Corporation in February round up the top five deals in the past year involving UAE companies.
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