New chief for Arabtec Construction sends shares upwards

Markets Latest: Shares of Arabtec Holding, the country's biggest contractor, lift Dubai's benchmark higher at the open - with video.

Arabtec Holding, the country's biggest publicly traded construction company rose the most in a month after announcing the appointment of a chief executive officer for its subsidiary.

Shares of Arabtec rose 3 per cent to Dh1.68 at 10:30am, the most since February 15. The company appointed Grigoris Christofides to head Arabtec Construction.

Dubai's benchmark, the Dubai Financial Market General Index was up 1.3 per cent to 1574.32 points. Abu Dhabi's main measure, the Abu Dhabi Securities Exchange General Index was up 0.4 per cent to 2644.61.

Elsewhere in the region, Kuwait and Bahrain's measures were flat at 6285.20 points and 1422.57 points respectively. Oman's index was up 0.2 per cent to 6415.19. The QE Index was up half a per cent to 8353.06.

The Saudi Tadawul traded 2.2 per cent higher to 6506.01 yesterday.