Arabtec shares jump as firm wins Dh1.7bn government contract

Dubai-listed Arabtec has won a Dh1.7 billion ($462.85 million) contract from the UAE federal government to build 1,100 houses in the eastern emirate of Fujairah, the company said on Sunday.

Arabtec, 36-per cent owned by Abu Dhabi state fund Aabar Investments, said construction would begin immediately and is expected to take about 2-1/2 years, according to a bourse statement.

The houses will be for Emirati nationals.

Before the statement was published, Arabtec's shares ended 6.8 per cent higher on Dubai's bourse, outperforming the main stock index which rose 0.06 per cent.

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