Arabtec had repeated that it had no plan to delist its shares. Jeffrey Biteng / The National
Arabtec had repeated that it had no plan to delist its shares. Jeffrey Biteng / The National

Arabtec shares rebound spurs rally on Dubai Financial Market



The Dubai Financial Market had its best day in more than nine months yesterday as shares in Arabtec rebounded to close up 5.1 per cent.

The Dubai market’s broad rally lifted its main index 6 per cent on the day and nearly reversed Tuesday’s losses, when the index shed 6.6 per cent.

While Arabtec shares finished up yesterday, it was far from a smooth ride.

Arabtec dropped to Dh2.85 in early trading – 8 per cent below its opening price – before rallying towards the session's close and ending at Dh3.28.

Arabtec yesterday attempted to clear up some of the confusion around its plans. The company repeated that it had no plan to delist its shares and, significantly, referred to itself as a regional rather than a global player.

"[Arabtec confirms] the invalidity of rumours about the company's intention to delist from the market," the company said. "Arabtec has never requested or discussed with the Securities and Commodities Authority (SCA) to be delisted."

The company’s chairman, Khadem Al Qubaisi, partially addressed reports of mass firings and speculation over strategy.

“Arabtec has a qualified executive management team that receives significant support from the board of directors, and Arabtec’s team will spare no effort to achieve the highest returns for shareholders and investors,” Mr Al Qubaisi said.

Arabtec said that its “internal actions … included a positive restructuring process that has been considered carefully and accurately, with a view to reducing costs and improving productivity, which would reflect positively on the results of the company in the future.”

“[This] restructuring process did not affect the competences and expertise and resources related to the company’s ability to execute the current and future projects.”

Arabtec, it said, is “a leading UAE company that executes the most prominent projects in the UAE and the region”.

Sanyalaksan Manibhandu, a senior analyst at National Bank of Abu Dhabi, said: “That statement [describing Arabtec as a regional company] gives away what it’s about … Arabtec’s management have lowered their sights.

“Market participants were concerned about delisting,” he added. “The statement moved one uncertainty out of the way, but there are others to clear up – like former chief executive Hasan Ismaik’s stake and what will he will do with it.”

Mr Ismaik – whose 15-month tenure as chief executive ended with his resignation on June 18 – had repeatedly stated his ambition for Arabtec to become one of the world’s top 10 construction companies.

Mr Ismaik at last report still owned 28.8 per cent of Arabtec’s shares. He had built up his stake in recent months, from 8 per cent at the end of last month.

Despite this month’s tumult, one investment executive took a sanguine view of the situation.

“If you get an exuberant market it tends to be more irrationally exuberant,” Shirish Saraf, the founder of Samena Capital, said yesterday. “But Arabtec is still up, and any investor that came in a year ago would be significantly up, probably doubling his money in a year.”

Arabtec stock closed at Dh1.41 a year ago today. Anyone who bought at that price would have more than doubled their money, with a gain of 132.2 per cent through yesterday’s trading.

On the other hand, anyone who bought Arabtec at the peak close of Dh7.40 on May 14 would have lost 55.6 per cent of their investment in only six weeks.

More widely, the Arabtec fall also appears to have created uncertainty about the Dubai economy.

The price of credit default swaps – a measure of perceived risk – based on Dubai’s 10 year sovereign bonds rose by 7 per cent yesterday, while 3-year credit default swaps rose by 8.6 per cent.

abouyamourn@thenational.ae

ascott@thenational.ae

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Director: Laila Abbas

Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum

Rating: 4/5

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Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

THE SIXTH SENSE

Starring: Bruce Willis, Toni Collette, Hayley Joel Osment

Director: M. Night Shyamalan

Rating: 5/5

Jigra
Director: Vasan Bala
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Rated: 3.5/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Squads

India (for first three ODIs) Kohli (capt), Rohit, Rahul, Pandey, Jadhav, Rahane, Dhoni, Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Umesh, Shami.

Australia Smith (capt), Warner, Agar, Cartwright, Coulter-Nile, Cummins, Faulkner, Finch, Head, Maxwell, Richardson, Stoinis, Wade, Zampa.

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now

TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

Pathaan
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Who is Allegra Stratton?

 

  • Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
  • Took up a public relations role for Chancellor Rishi Sunak in April 2020
  • In October 2020 she was hired to lead No 10’s planned daily televised press briefings
  • The idea was later scrapped and she was appointed spokeswoman for Cop26
  • Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
  • She has strong connections to the Conservative establishment
  • Mr Sunak served as best man at her 2011 wedding to Mr Forsyth

Charlotte Gainsbourg

Rest

(Because Music)

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

How to become a Boglehead

Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.

•   Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.

•   Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.

•   Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.

•   Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.

•   Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.

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•   Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.

•   Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.

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The bio

Academics: Phd in strategic management in University of Wales

Number one caps: His best-seller caps are in shades of grey, blue, black and yellow

Reading: Is immersed in books on colours to understand more about the usage of different shades

Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus

Cars: Loves exotic cars and currently drives a Bentley Bentayga

Holiday: Favourite travel destinations are London and St Tropez

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JUDAS AND THE BLACK MESSIAH

Directed by: Shaka King

Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons

Four stars

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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs: 2018 GMC Terrain

Price, base / as tested: Dh94,600 / Dh159,700

Engine: 2.0-litre turbocharged four-cylinder

Power: 252hp @ 5,500rpm

Torque: 353Nm @ 2,500rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.4L  / 100km

Company%20Profile
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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

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Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

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Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4

Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps

Biometrics: Touch ID, Face ID

Colours: Blue, purple, space grey, starlight

In the box: iPad mini, USB-C cable, 20W USB-C power adapter

Price: From Dh2,099

BRIEF SCORES:

Toss: Nepal, chose to field

UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23

Nepal 132-7: Jora 53 not out; Zahoor 2-17

Result: UAE won by 21 runs

Series: UAE lead 1-0