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.
The Dubai index jumped 3.2 per cent on Tuesday as Arabtec, which had plunged its 10 per cent daily limit early in the session, surged to close up 10.3 per cent.
Arabtec has issued a string of statements saying it will protect shareholders’ rights, but it has not so far publicly addressed the strategy and ownership issues.
The developer expects its profit in the first half of this year to reach Dhs700 million.
Iftars and suhours during Ramadan will boost revenues in hotels across Dubai, a new survey says.
The latest aircraft, a Challenger 605 model, was acquired for a private owner by EAG.
The index recovers to stand 1.1 per cent higher at 3,987 points, bouncing back above the 200-day average.
The iPILOT simulator, located in Magic Planet, will offer the experience of flying the world’s largest passenger jet.
This is the first time that the index has dropped below the 200-day average since December 2012.
The emirate’s index plunged 4.4 per cent on Monday, bringing its losses from a multi-year peak hit in May to 27 per cent.
The Dubai index reached a three-month closing low of 3,943 points, bringing its losses from a multi-year peak hit in May to 27 per cent.
The 620,000 square metre retail destination will form part of the Dubai developer’s new 15.3sq km Deira Islands project.
Dubai International’s passenger traffic rose 9.2 per cent to 29.61 million people during the first five months of this year.
Dubai’s index is now down 27 per cent from the multi-year peak hit in mid-May, though it is still up 17 per cent year-to-date.
The recent fiasco surrounding Dubai builder Arabtec calls for urgent corporate change, writes management expert Debbie Nicol.
The test, which has a fee of Dhs700, has to be cleared by all real estate brokers in the emirate.
The Dubai builder’s shares have fallen 59 per cent from May 14’s record close.
Dubai-based Arabtec has not provided any serious explanation for what is happening, says Reuters columnist Una Galani.
Arabtec debacle on the stock market reveals the crack among bourse regulations in the Gulf
The company is looking to grow through a franchising model, says founder and owner, Salina Handa.
Located in Dubai, the Dhs500 million residential project, Dreamz By Danube, includes 171 townhouses.
No purchase price was given by the bourse filing in Dubai.
The introduction of mortgage caps has been instrumental in dampening the buyer activity this year, research has found.
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.
Flights are suspended until further notice and passengers will be rebooked on alternative Emirates flights, the airline said.
The developer will announce new “big” projects later this year, confirmed Ali Rashid Lootah.
The repayments will be funded from Nakheel’s own resources rather than support from the Dubai government.
The appointment comes as the group looks to build six more schools in the region.
Trading is active, suggesting the market’s tumble this week is viewed by some investors as a buying opportunity.
Arabtec’s shares, the most heavily traded in Dubai, plunged 53 per cent this month, dragging down the entire market.