by Gerard al-Fil
The local stock exchange in Abu Dhabi outperformed Gulf markets Wednesday, as energy and real estate shares listed in the United Arab Emirates (UAE) capital surged.
The ADX General index gained 1.18 percent to close at 2,744.53 points. Shares of Ras al-Khaima (RAK) Properties surged 2.33 percent to finish at 0.44 dirham (0.12 U.S. dollar). The emirate of RAK in the north of the UAE raised investor awareness on Oct. 10 when it re-launched its airline RAK Airways, which had to halt its regular flights in December 2008 due to the financial crisis.
In Dubai, real estate bellwether Emaar Properties gained 1.52 percent to close at 4 dirhams (1.09 dollar), the highest level for five and half months. But real estate advisor CB Richard Ellis said in a statement that rents in Dubai fell 13 percent in the third quarter of this year and “are likely to fall further.”
The Dubai lead index DFM added 0.92 percent, finishing at 1,758. 66 points. The international market Nasdaq Dubai revealed details about the planned listing of UAE telecom retailer Axiom Telecom. Axiom aims to undertake an initial public offering (IPO) of up to 35 percent of its shares and a listing on Nasdaq Dubai within the next months.
Saudi Arabia’s Tadawul bourse in Riyadh remained fickle, ending 0.65 percent lower to close at 6,302.52 points. Shares of the Saudi British Bank (SABB) dipped 1.64 percent to close at 42 Saudi riyals (11.2 dollars).