Published: August 22, 2013
Dubai-based construction company says rumours of deal with Saudi Oger and Combined Group Contracting Co are untrue.
Arabtec Construction, a Dubai-based construction company, has denied rumours that it is in talks to merge with peers in Kuwait and Saudi Arabia.
Press reports quoted Arabtec’s CEO as saying that the company was in talks with a large company in each country. Later reports then claimed those discussions were with Combined Group Contracting Company in Kuwait and Saudi Oger in Saudi Arabia.
However, in a statement issued on the Dubai Financial Market, Arabtec said: “There are no discussions to merge with either of the two companies and there are no current plans to do so.”
The statement added: “The company continues to review opportunities in Saudi Arabia and Kuwait and will disclose any developments in line with the regulations of the Dubai Financial Market.”