Tuesday 14 February 2012

Emaar Rises to Six-Month High on Dividend Bets: Dubai Mover - Bloomberg

Emaar Properties PJSC (EMAAR) advanced to the highest level in more than six months amid investors’ bets the builder of the world’s tallest tower may follow Abu Dhabi- based Aldar Properties PJSC (ALDAR) in paying a dividend.
The shares rallied as much as 2.7 percent to 3.02 dirhams before paring gains to 2.98 dirhams, the highest since Aug. 4, at the 2 p.m. close in Dubai. The benchmark DFM General Index (DFMGI) climbed 1.2 percent. Emaar, which reported a more than doubling in fourth-quarter profit after trading hours, has the biggest weighting on the index.
Aldar, the developer bailed out twice by the Abu Dhabi government last year, fueled speculation on Emaar’s dividend after it recommended a 2011 dividend of 5 fils a share, said Haissam Arabi, Dubai-based chief executive officer at Gulfmena Investments. Emaar’s earnings statement didn’t mention a dividend recommendation.

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