Aabar's purchase of Arabtec stock triggered calls for regulatory reform, while the stock of Aldar Properties and Sorouh Real Estate surged by 7.9 per cent ahead of a certain announcement.
Stock market movers in the UAE
Calls for reform
Aabar's purchase of Arabtec stock triggered calls for regulatory reform after investors were kept in the dark about the Abu Dhabi company's growing position in the Dubai builder. Arabtec stock see-sawed throughout last week as stockholders tried to figure out what was going on.
The stock of Aldar Properties and Sorouh Real Estate surged by 7.9 per cent ahead of an announcement revealing they were mulling a US$15 billion (Dh55bn) merger in March. The share price of Abu Dhabi's two largest property developers both rose by the same amount before news of the potential merger was published on the exchange.
Emirates NBD, the country's largest bank by assets was ordered to acquire Dubai Bank last year after the Islamic lender was taken over by the Dubai Government to protect investors. Emirates NBD has since been called upon to extend debt repayments owed by "Dubai Inc" companies in a move that has triggered dissent among some investors.
Amlak and Tamweel, the country's two largest Islamic home finance companies, had their shares suspended more than three years ago. Investors in the companies that helped to fuel Dubai's six-year property boom have been kept guessing about the Government's ultimate intentions for the pair.
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