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Sheikh Hamdan took to social media platform X to make the announcement on World Teachers' Day
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Dubai shares gain as Arabtec ends stake sale
DUBAI — Dubai stocks on Wednesday rose for a third time this week after Arabtec Holding cancelled plans to sell a stake to a government-controlled company, boosting investor confidence in the UAE’s construction industry.
Arabtec soared to the highest level in almost two weeks. Dubai-based construction companies Drake & Scull International PJSC and Deyaar Development advanced the most in almost a week.
The Dubai Financial Market General Index rose 0.12 per cent to close at 1,824.27 points. The benchmark index advanced as much as one per cent earlier in the day. Out of 26 stocks traded yesterday, 12 posted gains, while three remain unchanged and 11 declined as volume slightly improved to 346.47 million shares.
Aabar Investments PJSC of Abu Dhabi, the largest shareholder in Daimler AG, offered to buy 70 per cent of Arabtec through the purchase of mandatory convertible bonds in January. The developer said on February 28 it agreed with Aabar to extend the due diligence process for an Arabtec stake sale to April 16.
Arabtec jumped 2.3 per cent to Dh2.71, the highest level since April 1. Aabar was unchanged at Dh2.37, after earlier rising 1.3 per cent to Dh2.4.
“The market will react positively to this news in the short-term until we get more details as to why it fell through,” said Akram Annous, deputy fund manager at Al Mal Capital PSC in Dubai. “At this point, the cancellation has boosted investor’s confidence in the real estate industry’s ability to stand on its own.”
Drake & Scull increased 1.2 per cent to 99.9 fils, the highest since April 4. Deyaar Development added 0.2 per cent, the most since April 11, to 46.1 fils. The shares have declined 21 per cent this year.
Abu Dhabi’s index declined 0.22 per cent to 2,853.61 points. First Gulf Bank shares rose 3.01 per cent to Dh18.85 and Sorouh Real Estate gained 0.8 per cent to Dh2.51.
On negative sides, Abu Dhabi National Hotel declined 2.44 per cent to Dh4 and RAK Cement droped 1.92 per cent to Dh1.02. In terms of value, Aldar Properties remained a most active share on ADX as its Dh24.38 million shares changed hands. In terms of volume, RAK Properties remained on top as its seven million shares were traded on the exchange.
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