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Dubai Halts Rally As Arabtec Falls Back

Dubai Halts Rally As Arabtec Falls Back

Arabtec slips 2.4 per cent and Dubai’s benchmark is up 0.5 per cent, after rising as much as 1.0 per cent early in the session.

Shares in Dubai construction firm Arabtec fall again after Wednesday’s bounce, taking the steam out of a rally on the emirate’s bourse.

Arabtec slips 2.4 per cent and Dubai’s benchmark is up 0.5 per cent, after rising as much as 1.0 per cent early in the session.

Even though the company has reassured investors it will continue expanding, it remains unclear who is going to become its new full-time chief executive following the resignation of former CEO Hasan Ismaik last week.

Investors are also concerned about the fate of Ismaik’s 28.85 per cent stake in Arabtec which he built up while in office, helping the stock price more than triple this year.

Dubai’s biggest real estate developer Emaar Properties and it smaller competitor Deyaar are both flat, while Union Properties edges down 1.0 per cent.

Abu Dhabi’s bourse is nearly flat amid a mixed performance by blue-chip banks.

Qatar’s benchmark continues easing from its late-May all-time peak and slips 0.4 per cent.

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