Arabtec Holding Co. (ARTC) fell to a one- month low after Qatar Airways said it’s filing a legal claim against a joint venture of Depa Ltd. (DEPA), which is partly owned by the United Arab Emirates construction company.
The shares tumbled as much as 4.9 percent to 2.14 dirhams before closing at 2.24 dirhams in Dubai, the lowest level since Nov. 28. Arabtec was the second-biggest decliner on the benchmark DFM General Index (DFMGI), which gained 1.1 percent. Arabtec in November bought almost a quarter of Depa, the interior contractor that fitted out the world’s tallest tower in Dubai, at a 47 percent premium.
Qatar Airways is filing a $600 million legal claim against Lindner Depa Interiors for causing a delay of as much as one year in the opening of the new Doha International Airport, the airline said yesterday. Lindner Depa, a German-Emirati joint venture, planned to build 19 airport lounges by summer this year as part of a $250 million contract, Qatar Airways said. The airport had been scheduled to open this month, it said.
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