The brokerage, which set a price target of 0.61 riyals on shares of Galfar, however, maintained its positive view on the Middle East and North Africa construction sector citing the governments’ commitment to infrastructure spending and better outlook for new contract awards.
MENA construction companies which are currently trading at a discount to global peers, deserve to trade at higher multiples, given the improved sentiment in the region, Credit The brokerage also began coverage of Dubai-based contractor Drake & Scull International with an outperform’ rating and a price target of Dh1.19. It named Drake & Scull and Arabtec as its preferred stocks in the sector due the companies’ diversified backlog across the Gulf Cooperation Council — and potentially North Africa — and their ability to win new contract awards.
The latest branch is the second branch of the company at Sahara Centre and one of the eight branches opened in the UAE this year, the exchange house said in a statement
local business3 years ago
Events to be staged at the DWTC, comprising diverse sectors including construction, energy, technology, beauty, food, healthcare, environment and automotive, will mark the emirate’s post-pandemic economic recovery
local business3 years ago
Dubai FDI supports expansion by Amazon Web Services with upcoming data centres in the UAE
local business3 years ago
Some banks are now permitting their customers to purchase Bitcoin and other crypto currencies after conducting due diligence tests on payments
local business3 years ago
The percentage of using the digital transformation platform has grown to 96 per cent compared to the first half of last year, when the percentage of use did not exceed 76 per cent
local business3 years ago