Arabtec Holding Co. (ARTC) surged to the highest level in more than two months after the United Arab Emirates’ biggest construction company by market value won a contract to build Abu Dhabi’s branch of the Louvre museum.
The shares rose 5.3 percent to 2.58 dirhams, the highest since Oct. 31, at the close in Dubai. The stock was the second- biggest gainer on Dubai’s benchmark DFM General Index (DFMGI), which climbed 2.1 percent to 1,727.29, the highest since March 5. A venture of Arabtec, Constructora San Jose SA and Oger Abu Dhabi won a 2.4 billion-dirham ($653 million) contract from government-owned Tourism Development & Investment Co and construction will start immediately, Arabtec said today.
“The new award could imply strengthening ties between Arabtec and its new shareholders linked to the Emirate of Abu Dhabi,” said Jan Pawel Hasman, a Cairo-based analyst at EFG- Hermes Holding SAE. The ties “bode well for the company’s opportunities in securing government-sponsored contracts in the future, giving it an edge over local peers,” he said.
Arabtec Surges to 2-Month High on Louvre Contract: Dubai Mover - Bloomberg
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