Shares in Arabtec Holding, the UAE's largest construction group, climbed 2.1 per cent to Dh1.97 (53 US cents) yesterday after the company said its subsidiary, Target Engineering Construction, had won three contracts in Abu Dhabi worth Dh747 million.
Target Engineering, an Abu Dhabi company in which Arabtec bought a 60 per cent stake in 2007, has been awarded projects for civil engineering, construction and commissioning works, Arabtec said.
They bring the total value of contracts won by the unit so far this year to Dh1.6bn. The new awards will boost Arabtec's project order book, which shrank by about Dh6bn last year because of project cancellations.
The company posted a 17 per cent drop in first-quarter profit compared with the same period last year.
One of the new deals, worth Dh170m and awarded by GS Engineering and Construction (GS E&C), a South Korean contractor, involves civil works as part of the Ruwais Refinery expansion project.
A second project, worth Dh251m, was awarded by the same company at the same project for structural work and equipment installation.
The third contract, awarded by a joint venture between Petrofac and GS E&C, is for structural and mechanical work at the Ruwais project. That contract is worth Dh326m.
Arabtec is also expected to receive by the end of this month overdue payments from Nakheel, the indebted property developer owned by Dubai World, said Riad Kamal, the company's chief executive.
Arabtec agreed to an offer from Nakheel to pay it 40 per cent of money owed in cash and 60 per cent in the form of a publicly tradable security with a 10 per cent annual return.
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The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
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