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.