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Arabtec surges on Q3 hopes, contracts
October 10, 2010 4:00 by Reuters
Dubai developer Arabtec surges to a near five-month high as investors anticipate better-than-expected third-quarter earnings and as two projects boost the company’s outlook.
The shares rise “because of the approval of the Russian government” to build what could become Europe’s tallest skyscraper for which Arabtec has the building contract, says Mohamed Khaled, risk manager at Prime Emirates, referring to a Russian newspaper report.
Arabtec wasn’t immediately available to comment. The stock gains 5.1 percent on the Dubai bourse.
“Besides there is also the recent Saudi contract,” says Khaled. Arabtec recently won a 5 billion riyal ($1.33 billion) order for a four-year housing project in Saudi Arabia.
Emaar Properties gains 3.1 percent.
Investors are betting on better-than-expected results for the property sector, says Khaled.
Abu Dhabi’s index gains 0.7 percent to 2,704 points.
(Reporting by Nicolas Parasie and Souhail Karam, Editing by Dinesh Nair)