Arabtec won a Dh2 billion contract from Abu Dhabi’s Aldar Properties to build 1,017 villas on Yas Island.
Arabtec said that the completed villas will have a built-up area of close to 440,000 square metres and that construction is set to start on site immediately.
Rumours about this deal first emerged last month, sending the stock soaring 14 per cent on December 22.
It has since pared gains but following the contract announcement it climbed by more than 6 per cent to close at Dh1.23 per share on Monday.
Sanyalak Manibhandu, the head of research at NBAD Securities, said that Arabtec’s contract announcement was “the first piece of good news they’ve had in a long time”.
However, he felt that the 6 per cent increase in its share price was “an overreaction”.
“Is it going to make them any money? The competition is very fierce so I don’t think any contractor can make much profit from any of these contracts being awarded in the present climate,” he said.
“Both Arabtec and DSI have shown that what they announce as profit one year can be altered 18 months down the road. They have a lot of good news to deliver before people take them as having turned the corner.”
Last week, the head of building consultancy Arcadis’s Middle East buildings division said construction costs in the region were likely to remain competitive throughout 2016.
“I think it’s a great time to be a client,” he said. “With the market being tighter, all contractors and consultants are fishing in a smaller pool for work right across Qatar, KSA and the UAE.”
The contract represents the final package to be awarded for the West Yas development following infrastructure, public realm, school, clubhouse, retail and mosque packages, Aldar said in a statement..
West Yas is located along Yas Island’s mangroves and will feature both four and five bedroom villas with prices starting at Dh4 million. They are expected to be handed over at the end of 2017 and are only available to Emiratis.
Talal Al Dhiyebi, chief development officer at Aldar Properties, said that demand for the villas has been “very strong”.
The first phase went on sale in September and were all sold out, while a second phase was marketed in October.
In November, Aldar launched sales of a second Yas Island development - Mayan, which is located between Yas Plaza, Yas Beach and Yas Links golf course and will consist of 800 units.
Property prices in Abu Dhabi have held up better than in Dubai, thanks to a lack of stock. Data published by ReidIn earlier this week showed that sale prices in Abu Dhabi in December were 2 per cent lower year-on-year, while in Dubai residential prices fell by 11 per cent in the same period.
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MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
The figures behind the event
1) More than 300 in-house cleaning crew
2) 165 staff assigned to sanitise public areas throughout the show
3) 1,000+ social distancing stickers
4) 809 hand sanitiser dispensers placed throughout the venue
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
Kill Bill Volume 1
Director: Quentin Tarantino
Stars: Uma Thurman, David Carradine and Michael Madsen
Rating: 4.5/5
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
In 2018, the ICRC received 27,756 trace requests in the Middle East alone. The global total was 45,507.
There are 139,018 global trace requests that have not been resolved yet, 55,672 of these are in the Middle East region.
More than 540,000 individuals approached the ICRC in the Middle East asking to be reunited with missing loved ones in 2018.
The total figure for the entire world was 654,000 in 2018.
Honeymoonish
Director: Elie El Samaan
Starring: Nour Al Ghandour, Mahmoud Boushahri
Rating: 3/5
SPECS: Polestar 3
Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September
SPECS
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
MATCH INFO
UAE Division 1
Abu Dhabi Harlequins 12-24 Abu Dhabi Saracens
Rebel Moon – Part Two: The Scargiver review
Director: Zack Snyder
Starring: Sofia Boutella, Charlie Hunnam, Ed Skrein, Sir Anthony Hopkins
Rating: 2/5
COMPANY PROFILE
Name: Floward
Based: Riyadh, Saudi Arabia
Founders: Abdulaziz Al Loughani and Mohamed Al Arifi
Sector: E-commerce
Total funding: About $200 million
Investors: Aljazira Capital, Rainwater Partners, STV and Impact46
Number of employees: 1,200
Blonde
Director: Andrew Dominik
Stars: Ana de Armas, Adrien Brody, Bobby Cannavale
Rating: 3/5
THE DETAILS
Deadpool 2
Dir: David Leitch
Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz
Four stars
HAEMOGLOBIN DISORDERS EXPLAINED
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
The specs: 2024 Mercedes E200
Engine: 2.0-litre four-cyl turbo + mild hybrid
Power: 204hp at 5,800rpm +23hp hybrid boost
Torque: 320Nm at 1,800rpm +205Nm hybrid boost
Transmission: 9-speed auto
Fuel consumption: 7.3L/100km
On sale: November/December
Price: From Dh205,000 (estimate)
Director: Shady Ali
Cast: Boumi Fouad , Mohamed Tharout and Hisham Ismael
Rating: 3/5
COMPANY PROFILE
Company: Olive Gaea
Started: 2021
Co-founders: Vivek Tripathi, Jessica Scopacasa
Based: Dubai
Licensed by: Dubai World Trade Centre
Industry: Climate-Tech, Sustainability
Funding: $1.1 million
Investors: Cornerstone Venture Partners and angel investors
Number of employees: 8
Company profile
Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000
Quick facts
- Storstockholms Lokaltrafik (SL) offers free guided tours of art in the metro and at the stations
- The tours are free of charge; all you need is a valid SL ticket, for which a single journey (valid for 75 minutes) costs 39 Swedish krone ($3.75)
- Travel cards for unlimited journeys are priced at 165 Swedish krone for 24 hours
- Avoid rush hour – between 9.30 am and 4.30 pm – to explore the artwork at leisure