Tuesday, July 16, 2024

The Dubai stock market bounced back with a rally in Emaar Properties shares

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Dubai Financial Market

United Arab Emirates shares closed higher on Friday, driven by gains in the Dubai index, leading shares of Emaar Properties and its construction arm Emaar Development.

Dubai’s main index advanced 1 percent as Emaar Properties shares rose 4.4 percent and Emaar Development shares rose 3.9 percent.

Emaar Properties and its construction arm reported a 42 percent and 43 percent rise in their profits, respectively, in the first nine months of the year, driven by rising retail sales and increased demand for real estate.

Ahmad Nekhm, head of market research in the Middle East and North Africa, despite its recovery.

Dubai and Abu Dhabi indexes posted weekly gains of 1 percent and 0.4 percent, respectively, according to data from the London Stock Exchange.

The Abu Dhabi index rose 0.2 percent, with ADNOC Distribution shares up 4.9 percent, while shares of International Holdings Co.-owned Alpha Dhabi Holding rose 4.3 percent.

ADNOC Distribution posted a nine percent rise in third-quarter net profit to 835 million dirhams ($227.34 million), beating market expectations.

Alternative asset management firm Investcorp Holdings set its investment unit’s initial public offering at 2.30 dirhams ($0.6262) per share, valuing it at 5.04 billion dirhams.

Oil prices rose 1 percent on Friday amid fears of supply disruptions in the Middle East.

Brent crude was up 1 percent, or $0.83, at $80.84 a barrel by 1117 GMT.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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