Text size:

  • Small
  • Normal
  • Large
Emaar Properties also supported the index, rising 1.9 per cent to Dh3.11. Duncan Chard for the National
Emaar Properties also supported the index, rising 1.9 per cent to Dh3.11. Duncan Chard for the National

Emaar boosts UAE bourses

The two main indices in the UAE closed up yesterday after both were sent higher by stocks linked to the real estate sector, as investors seek to join what many believe to be the return of the emirates' property markets.

It was Dubaiís turn to enjoy good fortune in the property sector yesterday as Emaar followed the lead of Abu Dhabiís Aldar and Sorouh Real Estate with strong gains.

The two main indexes in the UAE were pushed higher by property-linked stocks as investors sought to cash in on optimism over the two emiratesí property markets.

The Dubai Financial Market General Index closed up 0.5 per cent at 1,691. The Abu Dhabi Securities Exchange General Index closed up 0.2 per cent at 2,630.11.

Dubai Investments, a private-equity company that is heavily exposed to property, was riding high after a stream of strategic announcements.

Its stock closed up 1.5 per cent at 99 fils. The company says it plans to sell some of the firms it owns, indicating the business environment in Dubai is improving and the market can take the sales.

It is also considering a sukuk issue.

Emaar Properties also supported the index, rising 1.9 per cent to Dh3.11.

In Abu Dhabi, Aldar and Sorouh continued to rise on merger hopes. Aldar rose 7.35 per cent. Sorouh was up 6.57 per cent.

Also driving the index was Taqa, the Abu Dhabi National Energy Company, which rose steadily throughout the session after announcing it would pay a 10 per cent dividend, to close 4.76 per cent higher.

First Gulf Bank was among the companies retreating, dropping 1.95 per cent.


twitter: Follow our breaking business news and retweet to your followers. Follow us

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.

 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.

 The rush of new supply of hotel rooms pushed Dubai occupancy rates down to 87 per cent. Sarah Dea / The National

Dubai hotel room rates rise 10 per cent

The rush of new supply pushed occupancy rates down to 87 per cent, a dip of 2.6 per cent from the previous year. Winter months are the strongest for Dubai hotels, with occupancy and prices falling to half their peaks by July.

 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