x Abu Dhabi, UAEMonday 24 July 2017

Tamweel dividend proves fillip for shares in Dubai lender

Markets Update: Investors buy up shares of Tamweel after the mortgage lender announced a 5 per cent cash dividend.

Tamweel jumped on Sunday after the shariah-compliant mortgage lender approved the distribution of a 5 per cent cash dividend to shareholders.

Tamweel's shares advanced 7.3 per cent to trade at Dh1.31 at 11am on the Dubai bourse. The Dubai Financial Market General Index rose 2.4 per cent 1646.55 points, bringing yearly gain up 21.66 per cent.

Other stocks also rose. Emaar Properties, the region's biggest developer, gained 2.7 per cent to Dh2.95. Arabtec Holding, the country's biggest contracting company, added 1.12 per cent to Dh2.70.

The Abu Dhabi Securities Exchange General Index gained 0.3 per cent to 2571.69 points, led by property stocks. Aldar Properties added 9.7 per cent to Dh1.24. Sorouh Real Estate gained 9.7 per cent to Dh1.24.

Elsewhere in the region, Kuwait's measure was little changed at 6171.40 points. Bahrain's index was unchanged at 1161.11 points. Oman's benchmark added 0.1 per cent to 5869.28 points. Qatar's QE Index slipped 0.1 per cent to 8593.67 points. The Saudi Tadawul All-Share Index added 1.4 per cent to 7481.27 points.