Trading in shares of Arabtec at Dubai stock market halted

Dubai-based stock exchange market has halted today tradingin shares of Arabtec, their biggest construction company until the situation ofstrategic partners’ shares in the company becomes clear.

This kind of decision followed after the writings of AbuDhabi-based daily National which published that Arabtec’s shares this week increaseddue to the news that the second largest shareholder of the company, Abar investments, is negotiating with former GeneralManager at Arabtec, Hasan Ismaik, on purchase of at least half of his share inthat construction giant. AP agency reported.

Early this month, current Executive Manager at Arabtec, Khadem Qubais, said Ismaik owns almost 29% atArabtec which makes it the biggest shareholder.

This news could worry the Government of Serbia since it isspeculated that Arabtec will be the main contractor of the Belgrade on waterproject. Apart from that, the Prime Minister Vucic announced Serbia isdiscussing with Arabtec the construction of cheap flats. Vucic announced the constructionof some 100.000 flats which would occupy some 80 square meters and the maturitywould be 20-30 years with an interest rate of some 3%.