Shares in Dubai builder Arabtec continue to surge, helping to lift the emirate’s entire market, as investors hope a strategic investor will buy the large stake owned by its former chief executive.
Dubai’s main index is up 3.1 per cent while Arabtec jumps 8.7 per cent ahead of a briefing scheduled for after the close on Wednesday at which the company has promised to address investors’ concerns following its management turmoil.
Market players cite rumours that a government-related entity will take over the 28.85 per cent stake held by Hasan Ismail, who resigned as CEO last month, although the company has given no indication of this.
Other property stocks also gain. Union Properties jumps 6.5 per cent after it said it expects its profit in the first half of this year to soar roughly fivefold; Emaar Properties adds 3.3 per cent.