Megaprojects in the pipeline and the ramping up of social infrastructure spend is boosting the market, says new report.
The company made a profit of Dhs25.88 million ($7.05 million) in the three months to June 30.
Infrastructure project awards across the GCC are forecast to exceed $86 billion in 2014, up 77.8 per cent over 2013, a new report says.
Net profit climbed to Dhs103 million ($28.1 million) in the three months to June 30 from Dhs92 million a year earlier, the company said in a statement.
Ismaik cut his stake to 28.77 per cent from 28.85 per cent, the website of the Dubai Financial Market showed.
Arabtec shares have been swinging wildly in recent weeks, moving the entire Dubai stock market.
The first phase of traffic diversion will take place in the Dubai-Abu Dhabi direction near Safa Park, RTA said.
Aabar’s statement followed media reports last week that said the fund was in talks to buy at least part of the 28.85 per cent stake owned by Arabtec’s former chief executive Hasan Ismaik.
Net profit fell to SAR7.91 million ($2.1 million) in the three months to June 30 from SAR25.38 million a year earlier, the company said in a statement.
The Abu Dhabi state fund is looking to raise its stake in Arabtec to almost 30 per cent to become the major stakeholder, a source said.
Direct world cup spending is estimated to be $16 billion, which is 7.5 per cent of Qatar’s GDP, says report by Bank of America Merrill Lynch.
The project will comprise of residences, two international schools, nurseries, three hotels, mosques, a clubhouse, a retail centre and restaurants.
The firm made a net profit of SAR288 million ($76.8 million) in the second quarter, compared with SAR307 million in the corresponding period of 2013.
The company said that its shareholders had approved issuing a bond that would allow a strategic investor to buy into the company.
As per the deal, by 2019, Al Jaber will be able to utilise rail transport for its logistics operations.
The certificate allows Limitless to legally move forward with the Halong Star project in Vietnam.
Drake & Scull subsidiary Passavant Energy & Environment will construct and operate two wastewater treatment plants in the North Indian state of Punjab.
WBG will utilise the rail network’s operations for the distribution of materials from its crusher location at Tawyeet.
The contract incudes the construction of a 400 kilovolt (kv) power transmission line in the northern state of Uttarakhand.
Arabtec chairman assured investors on Wednesday that Aabar still considered it a long-term investment and might even raise its stake in future.
The Securities and Commodities Authority clarified that it could not have suspended trading in Arabtec shares during their recent plunge.
The new facility will further expand the company’s presence in the UAE.
Aabar’s chairman says investors misunderstood the significance of the small reduction of its stake in Arabtec.
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 agreement will help Etihad Rail expand its distribution capacity beyond its export terminals within the UAE.
The survey by PwC found that 75 per cent expect an increase in funding for infrastructure and capital projects over the next 12 months.
Construction has begun and should be completed in the first quarter of 2017, with commercial operations beginning later in that year, a statement said.
Egyptian state news agency MENA said Saudi would inject $124 million dollars into the Saudi Egyptian Construction Company (SECON).
Arabtec’s shares, the most heavily traded in Dubai, plunged 53 per cent this month, dragging down the entire market.
Ismaik said he had left Depa to focus on his personal business.