Shares in Abu Dhabi's two largest property companies surged on Monday ahead of their planned merger, lifting the UAE capital's bourse to a seven-month high, while other Gulf markets also gained.
Sorouh Real Estate jumped 5.1 percent to 1.26 dirhams ($0.34) and Aldar Properties climbed 4.8 percent to 1.34 dirhams.
On Sunday, a senior Sorouh executive said a merger agreement announcement with Aldar was expected "within a month." "For Aldar, breaking the 1.30 level gives it a target of 1.47 dirhams," said Nabil Al Rantisi, managing director at MENA Corp. "Sorouh's next target is 1.38 dirhams."
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