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ADX rises on new project announcements, DFM fall
DUBAI — Abu Dhabi’s benchmark index advanced the most in more than a week as announcements of new projects renewed optimism that the United Arab Emirates real estate market is recovering.
Aabar Investments PJSC, the largest shareholder in Daimler AG, rose the most in more than three weeks after it formed a property unit to develop its real estate portfolio. Aldar Properties PJSC, Abu Dhabi’s biggest property developer, gained for a second day. Abu Dhabi’s ADX General Index increased 0.54 per cent, the biggest gain since April 12, to close at 2,820.45 points.
Abu Dhabi is trying to diversify from oil by investing in industries such as real estate and aerospace. Aldar won a Dh730 million ($199 million) contract from the government to build infrastructure for a project in Al-Ain City, the company said yesterday.
“The projects make real estate stocks, and companies affected by them, more attractive to investors,” said Kifah Maharmeh, general manager of Al Dar Shares & Bonds in Abu Dhabi.
Aabar shares gained 2.7 per cent to Dh2.30, and Aldar rose 0.5 per cent to Dh4.19.
National Bank of Abu Dhabi PJSC, the UAE’s second- largest bank by assets, jumped three per cent to Dh11.85. The lender said its board will meet on April 27 to consider a proposal to buy back bonds listed on the Abu Dhabi bourse.
Dana Gas, which held its annual general assembly as well as extraordinary general assembly meeting on Wednesday, approved a dividend of 10 per cent bonus shares to shareholders for 2009.
DFM Falls
The Dubai Financial Market General Index, or DFMGI, fell 0.80 per cent to 1,730.51 points, its lowest finish since March 18. Property shares led the decline yesterday. Deyaar fell 4.98 per cent to 0.42 fils and Emaar Properties dropped 0.78 per cent to Dh3.83. Arabtec Holding dropped 2.02 per cent to Dh2.43.
Emirates Integrated Telecommunications Company, or du, declined 3.08 per cent to Dh2.52, Emirates NBD fell 2.01 per cent to Dh2.92 and Dubai Financial Market lowered 2.69 per cent to Dh1.81.
“Investors are waiting for first-quarter results and expect real estate numbers to be bleak,” said Vyas Jayabhanu, head of investments, Al Dhafra Financial Broker. “Banks should be a bit better because they shouldn’t have more bad debts.”
Tabreed bond payments
District cooling firm Tabreed said it is considering alternatives to annual payments on Dh1.7 billion ($463 million) of Islamic bonds due in 2011. The company’s board will meet on April 25 to discuss the matter, Tabreed said in a statement on Dubai’s bourse website, but did not give further details.
muzaffarrizvi@khaleejtimes.com
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