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Arabtec shares recover

The local Dubai exchange finished the first week of the New Year and new decade positively. The DFM General Index added. Shares of Arabtec recovered 2.02% to reach Dhs2.02, after the UAE's largest construction firm suffered a setback on news that its CEO Riad Kamal was banned from trading by the market regulator ESCA for six months. CEO Kamal called the issue "trivial, according to media reports, and declared to cooperate with ESCA to find a solution. Three stocks lost, 22 gained and one ended flat. Islamic bank Ajmanbank declined 0.21% to finish at Dhs0.815. Its rival Noor Islamic Bank (NIB, not listed), which has also just passed three years of operations, today opened today the new headquarter for its Islamic insurance arm Noor Takaful in Dubai at the Sheikh Zayed Road near the Noor Islamic Bank-Metro station. Grop CEO Hussain AlQemzi told AMEinfo.com that he is positive for the Islamic finance in 2011 in general and that he is optimistic NIB will break even in 2011. The Group CEO again denied that there were any plans to merge with Islamic bank Dubai Bank. Traded volumes declined 15% as 66.58m shares worth Dhs106.88m (off 20%). During the first week of January the DFMGI gained 2.34%.