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Arabtec holds as negotiations resume on Egypt project

Arabtec holds as negotiations resume on Egypt project
Photo Credit: Arabianeye-Reuters
Arabtec Holding
ARTC
-3.29% 0.53 -0.02

Arabtec holds as negotiations resume on Egypt project

Dubai – Mubasher: Arabtec Holdings’ stock succeeded in holding on Tuesday following news and confirmations that negotiations between the Dubai-listed firm and the Egyptian government have not been halted but are ongoing regarding the 1-million-unit project.

The stock retreated 0.67% after the first hour and a half of trading on the Dubai Financial Market (DFM), reaching AED 2.950 and resuming its declines for the third successive session.

The DFM is suffering a strong wave of declines that hit most of its stocks, bringing the index down by 1.15% or 43.53 points to 3745.34 points.

Negotiations between the UAE’s Arabtec Holding and the Egyptian government, regarding the planned 1-million-unit housing project, have not been halted and are ongoing, an informed source told Mubasher on Monday, adding that Arabtec’s Chairman would arrive in Cairo in 2 days to resume negotiations with the Housing Ministry and the New Urban Communities Authority (NUCA).

News sources had previously reported that the housing project was temporarily halted as Arabtec did not approve the Egyptian government’s conditions.

Trading on Arabtec reached 10 million shares worth AED 29.4 million through 268 transactions.

The real estate sector fell 1.42% as Emaar and Emaar Malls lost 0.81% and 1.42%, respectively added to Arabtec’s declines.

Sources previously informed Mubasher of the final selling prices in the 1-million-unit project. The prices which Arabtec offered are lower than that of the Egyptian government, the sources had said, adding that the prices were final.

The Egyptian government had signed a contract with the UAE construction firm last year to implement a project for 1 million residential units at an expected total cost of $40 billion (EGP 280 billion).

Arabtec’s capital amounts to AED 4.4 billion, divided on 4.4 billion shares at par value AED 1 per share.