Arabtec Topples Fragile Dubai Market Fueled by Belief - Bloomberg:
"Arabtec Holding Co. (ARTC)’s sudden fall from grace is exposing a Dubai market that hasn’t come as far as investors thought.
The Dubai builder, whose shares quadrupled in 15 months, is losing value almost as quickly as the stock market legally allows and sparking a sell-off in the emirate’s benchmark index as confidence in a property-led rally evaporates.
Both Arabtec stocks and the Dubai Financial Market General Index (DFMGI) were soaring through June 5, when the construction company was rattled by speculation that state-owned investor Aabar Investments PJSC might be withdrawing support for the company. In the days that followed, Aabar confirmed that it reduced its stake, Arabtec Chief Executive Officer Hasan Ismaik resigned and people with knowledge of the situation said other top executives were dismissed or quit."
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