x Abu Dhabi, UAEThursday 20 July 2017

Indian building order lifts shares at Dubai's Arabtec

Investors were cheered by Arabtec's announcement that its Indua unit won a $204m order to build apartment buildings.

Arabtec shares jumped 2.3 per cent to Dh1.33 on the Dubai Financial Market. Lauren Lancaster / The National
Arabtec shares jumped 2.3 per cent to Dh1.33 on the Dubai Financial Market. Lauren Lancaster / The National

Arabtec Holding lifted investor sentiment after the construction company said its India unit had won a US$204 million order to build three apartment buildings.

The shares jumped 2.3 per cent to Dh1.33 on the Dubai Financial Market (DFM).

Arabtec, which helped to build the Burj Khalifa, said the projectswere awarded to its joint venture with Raheja Developers.

The DFM General Index rose for the first time in seven trading sessions, up 0.7 per cent to 1,395.43 points.

"It's positive for the company to diversify its portfolio outside the UAE," said Tariq Qaqish, a fund manager at Al Mal Capital in Dubai. "We hope their margins will be substantial in India."

In the capital, Abu Dhabi Commercial Bank jumped 2.5 per cent to Dh2.86 on the Abu Dhabi Securities Exchange (ADX) General Index. RAK Properties advanced 3 per cent to 34 fils. Sorouh Real Estate gained 0.9 per cent to Dh1.03 and Aldar Properties was up 0.9 per cent to Dh1.11.

The ADX gained 0.2 per cent to 2,494.46.

Elsewhere in the region: Kuwait's measure added 0.1 per cent to 5,826.10 points; Bahrain's bourse was little changed at 1,165.71; Oman's index lost 0.1 per cent to 5,534.97; and Qatar's exchange gained 1 per cent to 8,242.45

The Saudi Tadawul All-Share Index was closed for the day.

halsayegh@thenational.ae