Wednesday 8 December 2010

Jump in Abu Dhabi bank deposits may be cash for Aldar, UAE Industries - Maktoob News

Abu Dhabi bank deposits jumped this quarter, with most of the new cash coming from Abu Dhabi's government, prompting speculation it may be creating a rescue fund for struggling developer Aldar Properties.

Bankers and analysts said on Wednesday the sudden rise in deposits may signal an imminent move by the government, which owns a 25.4 percent stake in Aldar and lent the builder a hand in March.

Shares in Aldar, which has posted four straight quarterly losses, rose 5 percent to a five-week high of 2.51 dirhams on talk government support may be coming soon.

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