Tuesday, July 16, 2024

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


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.

See also  From HR to programmers.. How will ChatGPT change the recruitment process?
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:


More like this

Embrace the Adventure: Discover Dubai’s Dune Buggy Tours

Introduction to the Dubai Dune Buggy Tour Buckle Up, Adventure...

Why Estonia is the Perfect Launchpad for Luxury Brands

The world of luxury fashion is synonymous with elegance,...

The Real Benefits of Being a VIP in the Online Casino Scene

Becoming a VIP can be a long process that...

The Evolution of Online Casino Bonuses: Trends and Future Predictions

Online casino bonuses have transformed from basic sign-up offers...