Arabtec price estimate cut at Deutsche Bank
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Arabtec price estimate cut at Deutsche Bank

Arabtec price estimate cut at Deutsche Bank

Deutsche Bank has downgraded the UAE's largest construction firm, Arabtec Holding, to 'hold' from 'buy' and reduced its share price estimate by 20% to Dhs2.4, on concerns about its plans for expansion outside Dubai and a weak orderbook, Bloomberg has reported. Arabtec 'released a surprisingly weak backlog at Dhs13.2bn due to a contract cancellation in Dubai and a lower scope of works in Qatar and Saudi Arabia', analysts Nabil Ahmed and Athmane Benzerroug said.

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