Abu Dhabi’s benchmark stock index headed for the biggest advance in almost a month after profit at the emirate’s largest real estate developers rose on an increase in home deliveries in the United Arab Emirates capital.
Aldar Properties PJSC (ALDAR) was set for the largest gain in more than six weeks after the Abu Dhabi developer bailed out by the government last year said first-quarter profit more than doubled. Sorouh Real Estate PJSC (SOROUH), the second-biggest developer in the U.A.E. capital, gained 1.8 percent after net income rose 30 percent. Abu Dhabi’s ADX General Index (ADSMI) climbed 0.5 percent, poised for the biggest gain since April 1, to 2,520.51 at 11:12 a.m. in the emirate. The Bloomberg GCC 200 (BGCC200) Index was little changed.
“Real estate developers reported strong results in Abu Dhabi and Dubai,” said Nabil Farhat, a partner at Abu Dhabi- based Al Fajer Securities. “The results highlight strong revenues from deliveries, land sales and investment portfolio. This is a sign that the market is bottoming or near bottom.”
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