Arabtec Taps U.A.E. Investment, Advisory Demand With New Units - Bloomberg

Arabtec Taps U.A.E. Investment, Advisory Demand With New Units - Bloomberg:



"Arabtec Holding (ARTC), the largest listed construction contractor in the United Arab Emirates, is forming units that will enable the company to offer financial advisory services and help it invest across industries.



The board approved the setting up of five subsidiaries at its Feb. 6 meeting, the company said in a statement. The units will focus on investments in infrastructure, real estate, trains, airports, power, water, and energy within and outside the U.A.E. Arabtec Capital will be established in Dubai International Financial Centre to provide financial and public offering services. 




Contracting firms are benefiting from a resurgence in the U.A.E.’s real-estate market. Prices for mid-range apartments in Dubai rose 43 percent in 2013, according to Cluttons LLC data on Bloomberg, after values more than halved following the global financial crisis in 2008. Full-year profit at Arabtec, which helped build the tallest tower in the world, will more than double to 313 million dirhams ($85 million) in 2013, according to the mean estimate of 11 analysts on Bloomberg."



'via Blog this'