Arabtec Holding stock surged more than 10 per cent after it emerged that the Dubai-listed company was planning to buy a major European contractor.
Arabtec shares rose by as much as 13 per cent before closing 10.67 per cent higher to Dh8.71 each.
The contractor also revealed on Monday that it was planning to build affordable housing across Abu Dhabi, catering to employees earning around Dh5,000. The move aims to address the capital's shortage of low-cost accomodation.
The contractor is developing one million affordable homes worth $40 billion (Dh 146.9 billion) with the Egyptian ministry of defence.
The company that helped build Dubai’s Burj Khalifa has seen its share price almost triple this year – contributing to DFM index’s rise of more than 50 per cent.
Follow us on Twitter @Ind_Insights
