ICEC

Arabtec Shares Hike 15% as Aabar Investmetns Doubles Stake

The DFM General Index edged 2.37% higher to close at 1,693.67 Tuesday amid rising trading volumes. Arabtec Construction (up 15% at Dhs 3.45 ($0.94)) was the stock of the day, posting the highest gain and the largest turnover.

Earlier in the day, Abu Dhabi-based sovereign wealth fund (SWF) Aabar Investments declared it has raised its stake in Arabtect to 10.45% from 5.3%.

A week ago, Dr. Nasser Saidi, Chief Economist and Head of External Relations of the DIFC Authority called for a reversal of SWF cash flows: “Arab SWF should invest at home rather than abroad. This is key to raise the Middle East’s profile in the global logistics and infrastructure chain and to create jobs for the increasing and overall young population.”

Aabar has also stakes in Italy’s Unicredit and German car giant Daimler. In 2010, Aabar cancelled a planned 70% purchase in Arabtec, Bloomberg reported.

Market bellwether Emaar Properties jumped 3.58% to reach Dhs 3.18 ($ 0.87). Emirates NBD tumbled 5.23% to close at Dhs 2.90 ($ 0.79). Twenty shares advanced, while fove declined. Some 442 million shares were traded (2.5 times more than than on Monday), valued at Dhs 671.8 million ($183.05 million).

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