Text size:

  • Small
  • Normal
  • Large

Taqa energises Abu Dhabi's bourse

Markets Update: State-run energy giant Taqa was this morning a top gainer in Abu Dhabi as the company announced its chief executive would step down

Abu Dhabi's energy giant Taqa was a top gainer in the capital as the company announced its top executive would step down.

The state-owned utility, also known as Abu Dhabi National Energy Company, said chief executive Abdulla Saif Al Nuaimi will leave the company and serve as vice-chairman of Taqa's board.

Shares in the company rose 0.8 per cent to Dh1.22, reversing losses a day earlier.

The company said that Carl Sheldon, its general manager, will lead the company and oversee its global operations, according to Reuters.

The wider benchmark, the Abu Dhabi Securities Exchange General Index, edged 0.3 per cent higher to 2,712.43 points, while the Dubai Financial Market was trading flat at 1,526.16 points this morning.

Emaar Properties, the developer of the world's tallest tower, the Burj Khalifa, was also subject to volatile trading this morning after it sold 409 units in a property project in Syria.

"There's been a bit of a pull-back in terms of volumes on Dubai and Abu Dhabi. Traded value is at about $30 million per day and has been the case for the last 6 trading days," said David Verghese, a fund manager at Emirates NBD in Dubai.

Trading value rose to as much as $50 million a day at the beginning of the year when political upheaval in the Middle East, prompted increased volatility to on the regional markets.

But analysts said regional markets are still at the mercy of forces dictating the movement of international equities.

"We're not going to get much on the company level. Greece continues to dominate," said Mr Verghese.

Global markets remain on edge as the Greek parliament votes later this week on additional austerity measures aimed at tackling the country's debt crisis.


Back to the top

More articles

Editor's Picks

 The Greens, villas: Q1 no change. 3BR - Dh210-250,000. 4BR - Dh210-260,000. 5BR - Dh220-300,000. Q1 2013-Q1 2014 5% rise. Pawan Singh / The National

In pictures: Where Dubai rents have risen and fallen, Q1 2014

Find out how rental prices in the prime locations in Dubai have altered during the first three months of the year and the current rates you will pay according to data provided by Asteco.

 Above, the private pool of Ocean Heights' five-bedroom penthouse flat. Courtesy Christie’s International Real Estate

In pictures: Penthouse flat is height of Dubai luxury living

A five-bedroom penthouse in Ocean Heights in Dubai Marina is on sale for Dh25 million and comes with a private pool and an unparalleled view of Dubai.

 The cooling towers of the Temelin nuclear power plant near the Tyn nad Vltavou in Czech Republic. The country wants to continue expanding nuclear energy capacity despite cancelling a tender to build two new units. David W Cerny / Reuters

In pictures: Best business images for the week to April 17, 2014

Here are some of the best business images for the week to April 17, 2014.

 Three generations of the Hakimi family tend to their stall Crawford Market in Mumbai. Subhash Sharma for The National

In pictures: Shopper’s delight at Crawford Market in Mumbai

Crawford Market is an old British-style covered market dealing in just about every kind of fresh food and domestic animal imaginable. Later on renamed Mahatma Jotirao Phule, the market remains popular among locals and visitors by its old name, taken from Arthur Crawford who was the first municipal commissioner of the city.

 The Wind, Energy, Technology and Environment Exhibition takes place from April 14 to April 16. Above, the Dewa showroom during last year’s Wetex. Jaime Puebla / The National

April corporate and economic calendar for the UAE and overseas

From Cityscape to Wetex to stock-market holidays to nations reporting first-quarter GDP figures, here is our helpful calendar of April's business events in the UAE and internationally.

 Get the latest information on credit cards, bank accounts and loan products in the UAE. Mark Lennihan / AP Photo

Rates report: Latest on UAE loans, accounts and credit cards

Souqamal.com brings you the latest interest rates on banking products in the UAE.


To add your event to The National listings, click here

Get the most from The National