Dubai’s Arabtec Holding and Abu Dhabi’s Aabar cancel planned $1.74 billion deal

Dubai builder, Abu Dhabi fund scrap planned deal

DUBAI, United Arab Emirates — A Dubai construction company that helped build the world’s tallest tower and an Abu Dhabi investment firm say they have abandoned plans for the fund to take a controlling stake in the builder.

Construction giant Arabtec Holding and Aabar Investments said in statements posted on local stock exchanges Wednesday that they were scrapping the proposed $1.74 billion deal announced in January.

No reason was given.

Both companies say they will “work together in good faith toward further cooperation.” They say they also hope to form a “strategic partnership” in Abu Dhabi in the future.