x Abu Dhabi, UAESaturday 22 July 2017

$204 million contract boosts Arabtec shares

Markets Update: Arabtec Holding's $204 million contract award sends Dubai shares higher today. Watch video

Arabtec Holding rose on Thursday after the construction company said its joint venture in India won a contract valued at $204 million to build three residential apartments in the country.

The shares gained 1.5 per cent to Dh1.32 on the Dubai Financial Market at 11:30am.

Arabtec said the projects, to be completed in over four years, have been awarded to its joint venture with Raheja Developers.

The Dubai Financial Market General Index added 0.4 per cent to 1390.74 points.

In the capital, Union Insurance advanced 3 per cent to Dh1.70. Dana Gas gained 1.9 per cent to 53 fils a share. The Abu Dhabi Securities Exchange General Index was little changed at 2489.64 points.

Elsewhere in the region, Kuwait's index slipped 0.1 per cent to 5811.70 points. Bahrain's measure lost 0.1 per cent to 1164.33 points. Oman's index was little changed at 5538.93 points. Qatar's index added 0.6 per cent to 8212.13 points. The Saudi Tadawul All-Share Index was up 0.6 per cent to 6002.09 points.