Arabtec Construction, a wholly owned subsidiary of Arabtec Holding, the contractor behind Burj Khalifa, led momentum on the Dubai Stock Exchange as Arabtec Construction gained its highest point in two months.
The ban on Riad Kamal, a chief executive officer of Arabtec Holding Co. from buying shares in UAE for six months had not tarnished the image of the company.
Shares in the Emirate?s largest builder gained almost 3 per cent to Dh1.39 as more than 17 million shares were transacted, making it the most heavily traded stock in Dubai and Abu Dhabi.
The Dubai Financial Market General Index rose 0.6 per cent to 1,567.12 points, while the Abu Dhabi Securities Exchange general Index added 0.3 per cent to 2,721.77 points.
Financial experts attribute the sharp rise to a premature build-up before the release of second-quarter results which is expected to be announced in the first week of next month.
Arabtec Construction L.L.C.
?Arabtec Construction L.L.C. is one of the leading construction companies in the United Arab Emirates. The company has executed a diverse construction projects in all sectors of real estate and infrastructure. The company has its own plant and state-of-the-art equipment as well as a multinational team of more than 52,000 highly qualified staff to efficiently carry out construction work.
In March 2011, Mr. Grigoris C. Christofides was appointed as the new Chief Executive Officer of the company replacing Mr. Thomas Barry who has retired.
Mr. Thomas Barry will remain on the Board of Directors of Arabtec Construction LLC and will act as an advisor to the group.
Early this year the company won several prestigious projects. This includes a building contract valued at AED710 million ($193 million) to build the first stage of an 80-storey tower comprising a five-star hotel. Another is to build two Residential Towers in Abu Dhabi. The project is valued at Dhs552m with a total built up area of over 90,000 square meters and will take 24 months to complete.
In April Arabtec Construction L.L.C and National Projects and Construction, L.L.C. (NPC) successfully lifted into place an enormous steel bridge section weighing over 400 tons. The sky bridge is made out of structural steel and enveloped with aluminum and glass cladding and is supported at four points in the two towers.
Sources: Arabtec Construction L.L.C, Newzglobe, Bloomberg