Ziad Makhzoumi News
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Arabtec Holding PJSC, the United Arab Emirates’ biggest construction company, appointed Hasan Ismaik to replace Riad Kamal as chief executive officer and said it plans to raise 6.4 billion dirhams ($1.74 billion) through a rights issue and a convertible bond.
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Arabtec Holding PJSC , the United Arab Emirates’ biggest builder, expects cash flow to improve now that the government is helping Dubai-based developer Nakheel PJSC pay its bills to contractors.
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Just four months ago, share prices and trading values in Dubai fell to the lowest levels since 2004. Now stock trading has increased eight-fold, the most among the world’s 40 biggest markets, as the emirate rebounds from its biggest financial crisis.
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Dubai’s shares rose to the highest in almost five months, led by Arabtec Holding PJSC, amid speculation investors are accumulating the company’s stock on bets it will benefit from regional infrastructure spending.
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Aabar Investments PJSC, an Abu Dhabi government-controlled company, raised its stake in Arabtec Holding Co. to 5.28 percent, according to data posted on Dubai’s stock exchange.
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The following stocks may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.
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The following stocks may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.
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Dubai’s shares rose, snapping a three-day loss, as U.S. reports signaled a broadening global economic recovery. Oil traded above $90 a barrel.
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Arabtec Holding Co., the United Arab Emirates’ biggest construction company, fell the most in more than three weeks on speculation a seven-day rally was overdone.
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Arabtec Holding PJSC, the United Arab Emirates’ biggest construction company, climbed to a two-year high amid speculation the company will benefit from regional infrastructure spending.
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