Markets Update: Emaar Properties was among the only four stocks to rise in Dubai this morning as its Egyptian unit awarded Arabtec a multi-million dollar contract to develop in Northern Egypt.
Multi-million dollar Egyptian investment boosts Emaar on bourse
Emaar Misr for Development awarded Arabtec Holding a $36.8 million contract to build
170 villas at its Marassi project on the northern coast of Egypt, Emaar Properties PJSC said today in a statement to Dubai's bourse.
The contract was awarded in the first quarter of this year, the company said.
Emaar rose 0.3 per cent to Dh3.10, one of only 4 gainers on the emirate's market, but Arabtec slumped 0.8 per cent to Dh1.30.
The Dubai Financial Market General Index slipped 0.1 per cent to 1,553.60 points, while the Abu Dhabi Securities Exchange General Index inched 0.2 per cent higher to 2,721.70 points.
Investors will also be tracking the Egyptian stock market closely after the UAE said it would allocate $3 billion in aid to the Arab world's largest country.
Half of the money will be used for small and medium sized businesses, while the other half will be used as a grant to develop housing and infrastructure projects and as loans for different projects in Egypt.
The benchmark EGX 30 index is trading around 15 per cent below where the market had been before it was forced to shut down for two months because of nationwide protests.
A stream of second quarter results is anticipated to play a leading role in bolstering the region's markets in the next few weeks.
The UAE is traditionally among the last Gulf nations to release results, but focus has turned to Saudi Arabia, which is usually the first to report.