Real estate related economic and financial news covering the MENA region.
Dubai market digests Arabtec shock and ends week on a high note
Aug 09, 2012
The DFM General Index closed 1.10% higher at 1,572.37 points Thursday, boosted by Emaar (up 2.10% at Dhs3.42), Drake and Scull International (gaining 2.25% at Dhs0.96) and Deyaar Development (5.20% higher at Dhs0.365). Arabtec, which shocked the market yesterday with a surprising Q2 loss, stabilised at Dhs2.90 (unchanged). Shares of district cooling firm Tabreed closed flat at Dhs1.25. Earlier in the day, Tabreed said Jasim Thabet has been appointed Chief Executive Officer. Sujit Parhar will assume the role of advisor to the company and the Board, in recognition of his expertise and ongoing value to the business. Some 109m shares were traded, valued at Dhs130.38m.