UAE Property Portal
phone Call Us On +44 208 305 7879
email Email Usinfo@propertydelight.co.uk

Fresh round of speculation seen in Arabtec shares

Dubai: Shares of Dubai’s largest construction firm Arabtec surged in the last hour of trade amid fresh round of speculation on its 1 million housing project in Egypt, triggering a rally in Dubai index.

Arabtec shares ended 13.48 per cent higher at Dh2.61, after hitting a high of Dh2.64, a level last seen on May 5.

“There were some rumours related to Egyptian contract. Some people are probably optimistic and negotiations are going on the right direction,” Sebastien Henin, head of asset management at The National Investor.

On May 25, a junior minister in the Egyptian cabinet had denied media reports that a project for Arabtec to build 1 million homes was stalled.

Egyptian officials have said the entire housing project will cost about $36.7 billion (Dh134.7 billion), and Arabtec said in April the first phase would involve building 100,000 homes.

The project, which is expected to cover 160 million square metres across 13 sites in Egypt, would boost not only Arabtec’s business in the region, but also boost the Egyptian economy.

Meanwhile, in the first quarter to March, the company lagged analysts estimates and reported a loss attributable to equity holders in the parent of Dh279.82 million. This compares to a Dh137.89 million profit in the same period last year.

Comments ( 0 )

Post a Comment

Submit Your Comment