x Abu Dhabi, UAESaturday 22 July 2017

Contract win builds confidence in Arabtec shares

Closing Bell: Arabtec Holding, Dubai's biggest builder, changed hands the most on the Dubai Financial Market after the company announced it had been awarded a Dh900m contract to help build part of a university complex in Kuwait - with video.

Dubai's biggest contractor was a bright spot amid slow trading after the company disclosed that it had won a Dh900 million contract to build part of a university complex in Kuwait, according to a filing.

Arabtec Holding was the most actively traded stock on the Dubai Financial Market. More than 12m shares changed hands closing 0.5 per cent higher to Dh1.75 a share.

The project, worth Dh1.5bn, to build Sabah Al Salem University is expected to be completed in 42 months. Arabtec will construct four buildings, each having six floors.

The Dubai Financial Market General Index remained unchanged at 1606.43. Shares of Shuaa Capital remained unchanged after the investment bank disclosed a net loss of Dh186.7m in the fourth quarter, from Dh154.3m in the year earlier period, according to a statement to the Dubai bourse. Shares declined as much as 3.2 per cent on Monday.

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Etisalat was the most active stock on the Abu Dhabi Securities Exchange (ADX), gaining 1.3 per cent to Dh11.00 a share. The Abu Dhabi Securities Exchange General Index added 0.4 per cent to 2703.95.

Elsewhere in the region, Kuwait's measure gained 0.2 per cent to 6752.90. Bahrain's index declined 0.3 per cent to 1467.44. Oman's measure added 0.4 per cent to 6923.67. Qatar's measure gained 0.7 per cent to 8940.26. The Saudi Tadawul All-Share Index lost 0.3 per cent to 6590.81.