x Abu Dhabi, UAESaturday 22 July 2017

Abu Dhabi's developers get a lift

Markets Update: Investors in the Gulf are reluctant to take risks today ahead of Europe's markets opening.

Shares of Abu Dhabi’s two biggest publicly traded developers rose yesterday on news that Aldar Properties advertised a tender to build 700 villas on Yas Island.

Aldar’s stock jumped 2.9 per cent, to Dh1.04, on the Abu Dhabi Securities Exchange (ADX) General Index.

Bidders should put their offers in by June 17, according to a report in MEED, the Middle East business-intelligence service.

Sorouh Real Estate, the developer behind the Sun and Sky Towers, rose 1 per cent to 96 fils.

Aldar and Sorouh Real Estate are contemplating a US$15 billion merger.

“Retail investors are buying on speculation in the midst of a delay in updates to the market as to what is happening,” said Wadah Al Taha, the chief investment officer at Al Zarooni Group, an investment company based in Dubai.

The ADX General Index slipped 0.1 per cent to 2,422.39 yesterday.

In Dubai, Emaar Properties, the developer behind the Burj Khalifa, declined 1 per cent, to Dh2.76.

The district cooling company Tabreed fell 0.8 per cent to Dh1.16. Dubai Islamic Bank, the country’s largest Sharia-compliant lender, fell 0.5 per cent to Dh1.86.

The Dubai Financial Market General Index closed 0.3 per cent lower at 1,437.03.

Kuwait’s measure declined 0.4 per cent to 6,093.86, Bahrain’s slipped 0.3 per cent to 1,134.35, Oman’s MSM 30 Index was barely changed at 5,719.20, Qatar’s index was also little changed at 8,332.64, and the Saudi Tadawul All-Share Index rose 0.3 per cent to 6770.19.