MIDEAST STOCKS-Giant construction deal lifts Abu Dhabi, Saudi banks rally on | Reuters

MIDEAST STOCKS-Giant construction deal lifts Abu Dhabi, Saudi banks rally on | Reuters:



"* Abu Dhabi cement makers rally on prospects of stronger demand



* Dana Gas, Union National Bank fall after earnings

* Arabtec surges but Emaar sell-off drags down Dubai

* Saudi banks continue to gain after Riyad's capital boost



* Egypt rises as govt says $4 bln stimulus package imminent



By Olzhas Auyezov

DUBAI, Feb 2 (Reuters) - A $6.1 billion contract awarded by Abu Dhabi state fund Aabar to Dubai's Arabtec helped fuel a cement sector rally in Abu Dhabi but failed to offset profit-taking on Dubai's bourse on Sunday, while banks lifted Saudi Arabia's market.



Confirming a Reuters report on Saturday, Arabtec said on Sunday that it would build 37 towers for Aabar, which is its biggest shareholder, and become Aabar's contractor of choice for projects around the world worth $20 billion.



Arabtec's stock rose 2.8 percent and another Dubai-based builder, Drake and Scull, gained 2.0 percent. But a 1.4 percent drop by heavyweight property developer Emaar dragged Dubai's main market index down 0.4 percent."



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