Arabtec stock yesterday rallied after media reports that its Egyptian housing project was approved.
The shares at one point were trading at Dh2.42 on the Dubai Financial Market before closing at Dh2.38.
That was a 2.1 per cent gain from Sunday, when it reached the lowest in more than a month.
The Egyptian cabinet approved Arabtec as the builder of million homes in the country, Reuters reported yesterday, citing the Egyptian assistant housing minister, Khaled Abbas.
“We are at the stage of preparing the contracts after receiving the necessary approvals, and we await the opinion of Arabtec’s new management,” Mr Abbas was quoted as saying.
The contract for the housing project had not yet been signed, an Arabtec spokesman told The National.
The company's stock fell on Sunday after the Egyptian newspaper Al Mal reported that the vast construction deal had been cancelled, citing an unnamed official at the ministry of housing. The project is expected to cost US$36.7 billion.
Arabtec said it would build 100,000 homes in the first phase of the project in two cities, Obour and Badr, to the east of Cairo. The project was announced in March last year.
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