Aldar Properties PJSC (ALDAR) surged the most in more than two years, helping to push up Abu Dhabi’s benchmark index, after the emirate’s government agreed to buy assets valued at $4.57 billion to support the company.
Aldar jumped 9.5 percent, the most since Dec. 14, 2009. Sorouh Real Estate Co., (SOROUH) the second-biggest Abu Dhabi developer, gained 7.6 percent. The benchmark ADX General Index (ADSMI) climbed 1.5 percent, the most since May 2010, to 2,402.28 at the 2:00 p.m. close in the emirate, trimming its losses this year to 12 percent. Dubai’s DFM General Index (DFMGI) rose 0.5 percent.
The agreement “shows the significant support that the government has for Aldar,” said Samer Darwiche, a Dubai-based analyst at Gulfmena Investments. “The market is taking the news very positively.”
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