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UAE stock markets outperformed their regional peers on Monday riding high on banking and real estate, while Saudi Arabia's benchmark index slipped as the kingdom extended virus-related restrictions. Dubai Financial Market surged 1.6 per cent to reverse all of its losses from Sunday, and in fact ended the day 8.2 per cent up so far this year making it one of top performing markets in the world. Dubai stocks opened 2021 on a strong footing, posting gains for first three consecutive weeks, as investors pinned their hopes on swift recovery enabled by efficient vaccine rollout. But the rally see...

UAE stocks gain Dh5.4 billion in market cap Wam/Abu Dhabi Filed on January 11, 2021 A total of 9,959 deals were conducted worth around Dh1 billion over 621 million shares. Driven by banking and realty blue chips, the UAE stock markets continued their upward streak Sunday, with Abu Dhabi's main index touching 5,176 points, up 0.24 per cent over the Thursday session, and Dubai Financial Market following suit and rising 1.85 per cent to 2,674 points, with the listed companies gaining Dh5.4 billion in market cap. Emaar was among the best performers in the realty sector, closing high at D...

Dubai: Dubai's first IPO (initial public offering) in some time, Al Mal Capital, raised Dh350 million for its real estate investment trust (REIT). The issue. which closed its subscription on December 8, will be listing its shares in January. With the funds in place, Al Mal Capital REIT plans to acquire a diversified portfolio of properties with long-term lease agreements. The IPO proceeds along with Islamic financing from local banks will be utilized to invest in such a portfolio spanning healthcare, education and industrial assets. The intended annual return is 7 per cent. The last IPO on DF...

Adnan Kazim named new Emaar Development chairman DUBAI, December 20, 2020 Emaar Development, a leading property and lifestyle developer in the region majority-owned by Dubai-based Emaar Properties, has named Adnan Kazim, the chief commercial officer at Emirates airline, as the new chairman of the company board, while Dr Aisha Bint Butti Bin Bishr, the director-general of the Smart Dubai Office, is the vice-chairman.   The appointment comes after the group's founder and chairman of the board of directors, Mohamed Alabbar, last week decided to step down from his post and the board appointed...

Emaar Development names new chairman; Alabbar as executive board member Waheed Abbas/Dubai Mohamed Alabbar will continue as an executive board member of Emaar Development. Adnan Kazim is the new chairman. Emaar Development, a subsidiary of Emaar Properties, has named Adnan Kazim as the new chairman, replacing Mohamed Alabbar. The company said in a statement to the Dubai Financial Market — where it is listed — that Alabbar shall continue as an executive board member and will be devoted to executive management and day-to-day affairs of the company. The decision has been taken to comply with...