Arabtec falls to lowest in more than a month

Arabtec shares fell 0.67 per cent to close at Dh2.95 each, its lowest level in more than a month.

Shares in the UAE’s largest listed construction company Arabtec slumped again yesterday as investors worried that the company’s US$40 billion project to build 1 million homes in Egypt had stalled.

Arabtec shares dipped 0.67 per cent to close at Dh2.95 each, its lowest level in more than a month.

The decline follows a 2.9 per cent fall on Monday after the Egyptian newspaper Al Masry Al Youm reported that Arabtec had failed to meet conditions imposed by the government to start work on the ambitious scheme.

Arabtec had declined to comment on Monday.

Arabtec’s fall was just one of many on the Dubai Financial Market as the DFM General Index closed down 0.8 per cent at 3,737.50 points.

Gulf Navigation was the biggest loser, declining 9.8 per cent, followed by Ajman Bank, which suffered a 6.5 per cent decline. Dubai Parks & Resorts, the company behind the upcoming Legoland enjoyed the biggest gains, rising 3.9 per cent to Dh0.738.

Meanwhile, in the capital, the Abu Dhabi Securities Exchange General Index rose 0.2 per cent to close at 4,678.91 points.

It was buoyed by a 4.5 per cent increase for Green Crescent Insurance, the insurer partly owned by Axa.

Green Crescent yesterday reported that it had returned to profit last year after reporting a loss of Dh4.65 million in 2013.

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