Arabtec Surges Amid Talks to Combine With Abu Dhabi’s Trojan

Arabtec Holding PJSC shares soared in Dubai after the company started talks to merge with Abu Dhabi-based Trojan Holding LLC, Bloomberg News reported. The stock advanced as much as 13%, the steepest intraday gain since July 2017, as Arabtec said the entities began a study to potentially combine their construction businesses and may merge after technical, financial and legal reviews. It didn’t provide further details. The talks come as a property-market slowdown weighs on companies in the United Arab Emirates. Property prices in the U.A.E., the second-biggest Arab economy, have dropped about 27% since October 2014 amid excess supply and sluggish economic growth. S&P Global Ratings expects prices in Dubai, the Middle East’s business hub, to fall by another 5% to 10% this year. Read more