By: Mahmoud Gamal
Dubai – Mubasher: Arabtec Holding’s stock rose in Tuesday’s early trades after news of winning a new contract, analysts told Mubasher.
The stock grew 0.65% to AED 0.929, generating AED 7.52 million from the exchange of 8.03 million shares by 11:45am UAE time.
Wasl Properties has awarded Arabtec a main contract for the construction of a tower in Dubai, CNBC Arabia reported.
Arabtec’s first awarded contract in 2017 is good news for investors, financial analyst Mahmoud Ziad told Mubasher.
This news confirms that the company has good operational contracts in the future, the analyst added.
Arabtec’s current challenge is to manage implementing the restructuring programme amid the rise of the company’s operational costs, Ziad noted.
The company’s stock targets to reach AED 1 then AED 1.06, the analyst concluded.
Translated by: Julian Nabil
