Arabtec buys 55% stake in Gulf Steel

Arabtec Holding, the largest United Arab Emirates construction firm by market value, said it had bought a 55 per cent stake in Gulf Steel Industries, a UAE steel fabrication company.

Arabtec did not say how much it paid for the stake in a statement on Saturday.

The acquisition would "allow Arabtec to penetrate additional market segments," Chief Executive Riad Kamal said in the statement. Reuters)