Aldar Properties climbs after the developer announced a credit facility with NBAD, and Dubai's market slips 0.3 per cent on property related stocks.
Aldar and ADX rise while DFM dips
Aldar Properties rose on Tuesday after Abu Dhabi’s biggest developer said it has secured a Dh4 billion revolving facility with National Bank of Abu Dhabi.
Aldar’s shares rose 0.8 per cent, trading at Dh1.13 each at 11am.
Aldar will use the financing for “general purposes” and “will allow the Company to optimally manage its working capital and liquidity requirements over the next three years,” the company said in a statement on the Abu Dhabi Securities Exchange. The facility has a tenor of three years.
Abu Dhabi’s benchmark index was up 0.1 per cent to 2503.28 points.
The Dubai Financial Market General Index was down 0.3 per cent to 1644.20 points.The declines were led by property related stocks.
Emaar Properties lost 0.9 per cent to Dh3.13. Tabreed, a district cooling company, declined 3.2 per cent to Dh1.20. Tamweel, a sharia-compliant mortgage company, fell 2.1 per cent to Dh1.36.
Elsewhere in the region, Kuwait’s measure added 0.2 per cent to 6211.80 points. Bahrain’s measure added 0.1 per cent to 1140.76 points. Oman’s MSM 30 Index added 0.1 per cent to 5959.76 points. Qatar’s QE Index slipped 0.1 per cent to 8715.59 points.
The Saudi Tadawul All-Share Index lost 0.9 per cent to 7277.89 points yesterday.