|10-19-2014, 06:41 PM||#1|
Dubai jumps as global markets rebound; Arabtec advances
Dubai stocks opened higher on Sunday as global markets rebounded on Friday and Arabtec shares jumped ahead of its new mega project in Egypt.
The benchmark climbed 4.1 percent, Arabtec rose 9.2 percent, while Emaar Properties added 3.5 percent.
The largest construction company in the Persian Gulf by market value, Arabtec, is projected to soon finalize an accord with Egyptian authorities to begin work on a $40 billion project to build one million residential units.
Arabtec is known for its prior major high-profile construction projects, including the Burj Khalifa, Terminal 1 of Dubai International Airport and passenger terminal of Dubai World Central International Airport.
Last week, Dubai shares plummeted severely by losing 13.6%. The benchmark rebounded today as Arabtec announced its mega project in Egypt. Abu Dhabi`s index, which fell 6.1 percent last week, rose 1.3 percent earlier today.
Among equity movers, Dubai Islamic rose 10.13% or 0.08 points. Arabtec Holdings rose 8.39% or 0.30 points to 33.35, while Shuaa Capital rose 7.81% or 0.071 points.
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