Major German project in Abu Dhabi revoked

ThyssenKrupp, Germany's biggest steel maker, may call off a deal to buy major civilian shipbuilding assets of Abu Dhabi MAR, UAE's leading yacht maker. The German firm which makes submarines, superyachts, engineering plants and elevators, told local media that the deal is not moving forward and is likely to fall apart. Abu Dhabi MAR, a group that specializes in building and refitting yachts, said last year it held orders worth more than Dh5.33bn and employed more than 2,000 people worldwide. The group is 70 per cent owned by the Al Ain International Group and 30 per cent by Privinvest. ThyssenKrupp is also splitting off its non-core businesses, including stainless steel unit, Europe's largest producer, as part of a €10bn divestment plan. The firm wants to refocus on its car parts arm.