June 5 (Bloomberg) -- Arabtec Holding Co. plans to pay dividend from this year after skipping it in 2012 as the company, which helped build the world’s tallest tower in Dubai, starts work on projects in the Middle East.
Arabtec will pay at least a 10 percent dividend a year from 2013, the Dubai-based the company said in a statement to the local stock market today. The shares have a par value of 1 dirham and a 10 percent payout would equal 10 fils a share, according to data compiled by Bloomberg.
“We are now starting work on several major projects, so the company should see a positive impact on earnings toward the end of the year,” Chief Executive Office Hasan Ismaik said in the statement. “The company is in a very strong position to leverage an extended period of increased activity across the region.”
Construction work in Abu Dhabi and Dubai, whose economy is underpinned by property, transport and trade industries, is reviving after the global credit crisis led to the suspension of real-estate projects. Arabtec today said it won the main construction contract of an 810 million-dirham ($221 million) hotel and apartment project in Dubai.
Arabtec’s board recommended no dividend for 2012. The shares have gained 11 percent this year, compared with a surge of 47 percent for the benchmark DFM General Index.
To contact the reporter on this story: Shaji Mathew in Dubai at firstname.lastname@example.org
To contact the editor responsible for this story: Riad Hamade at email@example.com