Arabtec Holding Co. rose to the highest since May after Kommersant reported OAO Gazprom Neft won approval from the Russian government to build what may become Europe’s tallest skyscraper. Arabtec has the building contract.
Arabtec increased 3.7 percent to 2.26 dirhams, the highest intraday level since May 24, at 11:11 a.m. in Dubai.
Gazprom, the oil unit of Russia’s state natural-gas producer, was given permission to proceed with the construction of the 403-meter high (1,300-foot) Okhta Center project in the center of St. Petersburg, the Moscow-based newspaper said. Arabtec won the contract in 2008.
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