Arabtec shares yesterday fell to their lowest level since early last month after an Egyptian newspaper said its high-profile housing project in the country had been cancelled.
The Egyptian daily Al Mal reported on Saturday that the Dubai-based contractor's US$40 billion agreement with the Egyptian army to build 1 million housing units, announced in March last year, had fallen through, citing an unnamed official at the ministry of housing.
Arabtec shares fell 3.3 per cent, their steepest fall in more than a week, closing the day at Dh2.33.
The report was denied by the Egyptian housing minister Mostafa Madbouly, speaking on the sidelines of a conference in Cairo, who said that the housing project with Arabtec was continuing.
Arabtec announced on April 22 that it was in discussion with a number of local and international banks for the financing of the first phase of the project, which would involve the construction of 100,000 low-cost homes in the cities of Obour and Badr to the east of Cairo.
But the company added that despite reporting that the deal had been agreed by Egypt’s ministry of housing on April 2, nearly three weeks later it still had not signed a final deal. A spokesman for Arabtec yesterday declined to comment.
Arabtec earlier this month reported a Dh279.8m loss for the first quarter of the year, compared with a profit of Dh137.9m a year ago.
The company blamed the loss on spiralling costs, with several clients implementing contract clauses, downscaling and re-prioritising projects.
jeverington@thenational.ae
Follow The National's Business section on Twitter
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Juliet, Naked
Dir: Jesse Peretz
Starring: Chris O'Dowd, Rose Byrne, Ethan Hawke
Two stars
More from Neighbourhood Watch:
More on Quran memorisation:
More on Quran memorisation:
Everton 1 Stoke City 0
Everton (Rooney 45 1')
Man of the Match Phil Jagielka (Everton)
More coverage from the Future Forum
My Country: A Syrian Memoir
Kassem Eid, Bloomsbury
if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
