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22 February 2024

Aabar buys 12 towers on Reem Island for Dh5bn

By Staff Writer

Aabar Investments said yesterday it had bought 12 towers on Abu Dhabi's Reem Island for Dh5 billion, the biggest real estate investment since the company was launched more than four years ago.

The Abu Dhabi-based firm, which is partly owned by the government, also reported its net profits more than doubled in 2008 despite a steep decline in income in the last quarter.

"Aabar has signed a agreement with Tamouh Investments to acquire 12 towers within Al Reem Island for Dh5bn [inclusive of the development costs]," a statement said.