Arabtec Announcement Helped The Market To Bounce BackRaymond Billings (Author) Published Date : Jul 03, 2014 12:02 ET
After the sudden fall of the Dubai stock market prior to some negative news over the construction giant Arabtec started to bounce back near to 8%.
Arabtec who build the world s tallest building Burj Khalifa has been suffering in the stock market and nearly lost 60% of their share price after the news spread that their biggest shareholder Aabar Investments may cut their shares to 19% from 21%.
However the chairman of Arabtec Khadem al-Qubaisi is determined to recover the problem rose recently and can work with their partner Aabar in future.
But Aabar is getting the support from another state of UAE Abu Dhabi where they helped during the financial crisis take place in 2009.
Meanwhile the share price of Arabtec rose significantly as the construction giant company gained almost 15% of their share price which is the highest limit of a share on a given day of the market.
But the Arabtec boss did not mention anything about the former CEO of the company Hasan Ismaik who resigned from his post and also did not speak regarding his 29% share in Arabtec.
The former CEO of Arabtec Ismaik has been involved with the company s expand in business either it s their oil or gas projects or the housing projects of Egypt.
Meanwhile the Arabtec chairman s statement regarding their transparency over the company in the coming days saw immediate results as the index in Abu Dhabi and Qatar s market rose after his announcement.
Arabtec Announcement Helped The Market To Bounce Back