Dubai's largest contractor Arabtec reported a 32 per cent drop in third-quarter net profit on Sunday, missing analysts' estimates by a wide margin as general expenses nearly doubled from a year earlier.
The builder, in whi
Abu Dhabi state fund Aabar Investments raised its stake in Dubai-listed construction firm Arabtec to 34.93 per cent from 18.94 per cent with an off-market trade on Tuesday, the bourse said in a statement.
The trade, which made Aab
Dubai stock index jumped in opening minutes on Sunday after global markets rebounded on Friday and shares in builder Arabtec Holding surged as it moved closer towards starting work on a huge project in Egypt.
The benchmark rose 4.
UAE-based construction firm Arabtec plans to launch the first phase of a huge housing project in Egypt before the end of this year, the company said on Sunday.
In March, Arabtec announced it would build one million homes in Egypt
Dubai-based construction company Arabtec is close to completing the planning and design stage of its $40 billion deal to build one million homes in Egypt, the company said.
Arabtec originally announced in March that it had agreed
Dubai contractor Arabtec Holding said on Tuesday it was unaware of any stake sale agreement between its largest shareholders following reports that the company's former chief executive was about to sell at least part of his stake.
Arabtec's former chief executive Hasan Ismaik has agreed in principle to sell at least part of his stake in the Dubai-based construction firm to Abu Dhabi state fund Aabar Investments, a source close to Ismaik said on Monday.
Expectations of strong global demand for petrochemicals supported the uptrend in Saudi Arabia's stock market on Wednesday, lifting the bourse to a fresh six-year high, while Dubai builder Arabtec jumped on hopes that a key shareholder would
Hasan Ismaik, the former chief executive of major Dubai construction firm Arabtec, said he was in talks on selling some of his stake to Abu Dhabi's Aabar Investments and wanted over Dh5 ($1.3) per share, about 4 per cent above the curr
Arabtec, the construction company at the centre of Dubai's stock market turmoil, reported an 11 percent rise in second-quarter profit on Sunday, missing analysts' estimates.
Net profit climbed to 103 million dirhams ($28.1