Arabtec in the spotlight at Dubai market
The Dubai Financial Market General Index (DFMGI) consolidated above 4,200 points on Wednesday, March 19, as the gauge finished 0.50 per cent higher at 4,255.57 points. Arabtec Holding was the most liquid share, as it surged by 5.11 per cent to AED5.55. On Tuesday (March 18), Arabtec revealed that, in 2013, it generated a net profit of AED377 million ($102m) on the back of a strong economic rebound in the Gulf Arab region. Arabtec added that its backlog (project orders in the pipeline) rose by 22 per cent to hit AED24 billion ($6.54bn). The Gulf Arab region is currently witnessing an unprecedented growth, amid constantly high oil prices, relative political instability and mega construction boom. The International Monetary Fund expects Gulf Arab economies to grow by 4.4 per cent. Earlier in February, Arabtec revealed that it would hire 10,000 new people across the Middle East region. Arabtec also has operations in Russia, where it’s currently building the soon-to-be highest tower in Europe in St.Petersburg, standing 463 metres tall. The Gazprom Tower will be the future headquarters of Russia’s biggest energy group.