2023-11-10 12:59:33
Dubai Financial Market
On Friday, the UAE stock exchanges rose at the close, with the Dubai index rising, driven by an increase in the leading stock of Emaar Properties and its construction unit, Emaar Development.
Dubai’s main index advanced 1 percent, supported by a rise in Emaar Properties shares by 4.4 percent and Emaar Development shares by 3.9 percent.
Emaar Properties and its construction unit announced a 42 percent and 43 percent increase, respectively, in their profits during the first nine months of the year, thanks to rising retail sales and increased demand for real estate.
Ahmed Negm, head of market research in the Middle East and North Africa at Despite its recovery.
The Dubai and Abu Dhabi indices recorded 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, supported by a 4.9 percent jump in ADNOC Distribution shares, while Alpha Dhabi Holding shares, owned by the International Holding Company, rose by 4.3 percent.
ADNOC Distribution recorded a nine percent growth in third-quarter net profits to 835 million dirhams ($227.34 million), exceeding market expectations.
Investcorp Holding Company for Alternative Asset Management priced the initial public offering of its investment unit at 2.30 dirhams per share ($0.6262), making its valuation at 5.04 billion dirhams.
Oil prices jumped 1 percent on Friday amid fears of supply disruptions in the Middle East.
The price of Brent crude rose 1 percent, or $0.83, to $80.84 per barrel by 1117 GMT.
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