Dubai Bourse Suspends Arabtec Shares

Trade in shares of Dubai construction firm Arabtec were suspended from the opening on Thursday pending clarification of media reports on possible investment in its shares, a bourse spokesman said.

Arabtec shares, the most heavily traded on the bourse, have risen sharply this week on speculation that Abu Dhabi state fund Aabar Investments, a big shareholder, may further raise its stake from the current 18.94 per cent.

Investors believe Aabar may do this by buying part of the 28.85 per cent stake held by former chief executive Hasan Ismaik, who resigned last month. Aabar has declined to comment.