Dubai’s Arabtec drops on Egypt project speculation

 Shares in Dubai builder Arabtec drop 3.3 percent to 2.33 dirhams.

Egyptian newspaper Al Mal has reported, citing anonymous source, that Arabtec's deal to build 1 million housing units in Egypt has fallen through.

But neither Egyptian government nor Arabtec were available for immediate comment.

Project's value was estimated at LE280 billion ($36.70 billion).

But some analysts have questioned its profitability for Arabtec.

Dubai's stock index falls 0.8 percent.

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