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Tuesday, 24 January 2012

Aldar Rallies on Emirate Infrastructure Plan: Abu Dhabi Mover - Businessweek

Aldar Properties PJSC led gains in Abu Dhabi real estate stocks on investor bets the company may benefit from a spending plan that includes the expansion of the emirate’s airport and the construction of homes.

The shares of Aldar, Abu Dhabi’s biggest developer, soared 6 percent to 89 fils, the highest since Jan. 8, at the 2 p.m. close. Sorouh Real Estate PJSC climbed 5.3 percent to 79 fils, the highest since Jan. 5. The stocks had the second and third- biggest percentage gains on Abu Dhabi’s benchmark. Gulf Cement Co. PSC, the United Arab Emirates-based producer of the building material, led the rally. Abu Dhabi’s ADX General Index rose 0.4 percent to 2,361.55, the highest since Jan. 11.

Abu Dhabi, the oil-rich emirate that’s transforming itself into a business and cultural hub, plans to resume suspended projects including branches of the Louvre and Guggenheim museums after reviewing their viability, the government said late yesterday. The ADX Real Estate Index, down 54 percent in 2011, rose 5.2 percent to the highest since Jan. 4.