Abu Dhabi-based Aabar Investments and Germany-based Herrenknecht AGÂ are to set up a UAE-based firm specialising in tunnel boring equipment.
The company, 51%-owned by Aabar, will own and operate a facility that will assemble and manufacture tunneling products and vertical drilling rigs.
The share capital of the joint venture company is AED 25 million, of which Aabar’s share is AED 12.750 million.
Aabar recently made headlines by agreeing to acquire a majority stake in Arabtec, a leading Dubai-based contracting company.