Dubai’s Arabtec Shares Suspended On Regulator Request

Shares of Dubai builder Arabtec were suspended from the start of formal trading at 0600 GMT on Wednesday following a request from the stock market regulator.

No reason was provided for the suspension of trading.

Arabtec said earlier in the day that its board had not taken any decisions on the acquisition of another company and that it would reveal any developments according to regulations.

The builder is in talks to fully acquire a construction unit of Kuwait’s Kharafi Group, sources familiar with the matter have told Reuters.