Arabtec Holding (Arabtec) announced that it had won a new contract in Dubai worth AED340mn, to build a five-star hotel in Dubai Media City. We note that Arabtec had not made any announcements during 3Q for new contract awards, after securing a total of AED7.2bn in 1H16. This brings the total new awards YTD to cAED7.5bn. Our 2016e estimate is AED8.0bn. (DFM, Mai Attia, Sara Boutros) Arabtec (DU): AED1.44 as of 03 October 2016, Rating: Sell, FV: AED1.03 per share, MCap: USD1,811mn, ARTC UH / ARTC.DU
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