Arabtec shares tumble after massive capital raising plans

Dubai's Arabtec slumps to a six-week low after the contractor announced it aims to raise US$1.8bn through a rights issue and a convertible bond.

The shares are down 9.8 percent, close to the 10 percent limit for a daily loss, reaching their lowest since January 17.

Investors are concerned about the dilution of the share price from the capital raising, which would more than double the firm's market capitalisation.

Dubai's index falls 0.8 percent to 1,923 points.