"Aldar Properties PJSC (ALDAR) and Sorouh Real Estate PJSC, the Abu Dhabi companies set to merge next months, soared the most in almost eight years.
Aldar surged 15 percent, the most since September 2005, to 1.95 dirhams as trading volume of the shares jumped to almost five times the three-month daily average. Sorouh, the smaller of the two, also gained 15 percent, the most since the stock was listed in December 2005. Trading volumes soared almost six fold. The benchmark ADX General Index (ADSMI) gained 1.4 percent to the highest since October 2008. The measure has rallied 35 percent this year.
Shares in the United Arab Emirates are advancing, with Dubai’s benchmark climbing 45 percent this year, as the economy and property prices recover. Shares of Dubai-based Emirates NBD PJSC (EMIRATES) have more than doubled this year and are up 16 percent this month, while those of National Bank of Abu Dhabi are up 32 percent in 2013. Emaar Properties PJSC (EMAAR), the developer of the world’s tallest tower, gained 3.5 percent as it rose for a fourth day."
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