Arabtec Holding shares gained 1.9 per cent rising to Dh2.05 today on the Dubai Financial Market, its highest intraday trading price since May 31. The share price increase was buoyed by news today that the contractor's Saudi subsidiary had won a $1.33bn award with the Binladin Group to build 5000 villas. "Investors are really excited about the story," said Alfred Fayek, head of mena equity sales at EFG Hermes in Dubai. "In the past four weeks, shares of Arabtec have been moving by itself."
The foreign ownership holding of shares in the past week or so have doubled. Foreigners, or non GCC citizens, accounted for almost 24 per cent on September 26. Arabtec shares reached their foreign market cap today at 49 per cent. Trading on Arabtec accounted for 66 per cent of total trading made on the Dubai bourse early in the morning as investors opted out of trading on other stocks as the third quarter reporting season came closer.
