Arabtec reported a loss of AED3.4bn for 2016 versus a loss of AED2.4bn a year earlier. The contractor said that it took impairment charges on high-risk items, which amounted to AED2.8bn. The company said that the financial condition is reflective of adverse market conditions, which have had a negative impact on construction in GCC. Arabtec’s largest shareholder Aabar Investments said that is committed to subscribe to its full entitlement under rights offering and any unsubscribed shares remaining up to AED1.5bn. The proceeds from the rights offer will be used to fund completion of ongoing projects, support business plan, and provide financial flexibility. (Bloomberg)   Arabtec (DU): AED1.32 as of 12 Feb, Rating: Sell, TP: AED0.83/share, MCap: USD1,660mn, ARTC UH/ARTC.DU