The quorum for Arabtec Holding’s (Arabtec) Board of Directors, in which the company’s unaudited preliminary financial statements for 2015 were set to be discussed, was not met. The board meeting has been pushed to 11 February.   We expect a weak closure for the year, with i) weak inflow of new awards, with no major announcements for the quarter; ii) possibility further project clean-up pressuring revenue and profitability margins; and iii) further rise in borrowing, further pushing leverage up. That said, we expect to see further improvement in S,G&A, in line with the trends seen in 3Q15, as the company benefits from the implemented cost-cutting measures. We estimate revenue of AED1,683 million in 4Q2015, negative EBITDA of AED589.9 million and net loss of AED565.1 million. (DFM, Mai Attia, Sara Boutros)