By: Mahmoud Gamal
Dubai – Mubasher: Arabtec Holding’s stock rose in Monday’s early trades, after its wholly owned subsidiary Emirates Falcon Electromechanical Co. (EFECO) won a contract for a AED 113 million project.
Arabetc’s stock rose 2.09% to AED 2.93, with a turnover of AED 10.28 million generated from the exchange of 3.5 million shares.
The stock’s rise was backed by selective purchases following good news, capital market analyst Nawaf Al Anzi told Mubasher.
EFECO entered into a contract with Al Naboodah Co to carry out the execution and completion of the mechanical, electrical, and plumbing (MEP) works of the Creekside 18 project at the Dubai Creek Harbour development.
Arabtec’s main problem does not lie in the contracts it won, but rather in their costs, Al Anzi added.
Translated by: Julian Nabil
