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Arabtec saves the day at Dubai market

: Monday, March 10 - 2014 @ 16:48

The Dubai Financial Market General Index (DFMGI) traded in the red for most part of the day on Monday, March 11, but eventually closed 0.22 per cent higher at 4,149.81 points. Emaar Properties fell by 0.90 per cent to AED8.93. Earlier in the day, Emaar revealed that it has unveiled the second phase of the Mulberry at Park Heights project in Mohammed bin Rashid City. It also launched the sales of its 330 luxury residential apartments simultaneously in Dubai, Abu Dhabi and Hong Kong.

Arabtec Construction gained 1.67 per cent to close at AED4.88. Earlier in the day, the Middle East region’s largest construction group by market value claimed that it has signed a contract with the defense ministry in Egypt to build one million housing units for Egyptian military personnel for EGP280 million ($40m). The agreement was formalised today (Monday, March 11) in a ceremony attended by Egypt’s deputy prime minister and army commander field marshal, Abdel Fattah Al Sisi, and Arabtec’s chief executive and managing director, Hasan Abdullah Ismaik. In a filing to the DFM, Arabtec revealed that the one million middle-income housing units would be established in 13 communities in different parts of Egypt. Isamik says the project was initiated by His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. “We believe the Egyptian economy was poised for a significant rebound, particularly with the current governmental policies geared towards encouraging investment in the property development sector,” adds Ismaik.

Gérard Al-Fil

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Monday, March 10- 2014 @ 16:48 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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