"National Central Cooling Co. (TABREED) soared to the highest level in more than a year on investor optimism the supplier of air-conditioning systems is benefiting from a construction recovery in the United Arab Emirates.
The shares rose 5.2 percent to 1.82 dirhams, the highest close since March 2012. The stock was the second most active after Dubai Financial Market on Dubai’s benchmark index with about 81 million shares traded, or 5.8 times the three-month daily average. Dubai’s DFM General Index increased 0.7 percent.
Dubai is likely to add at least 11,200 rooms by 2015 as hotels such as Sofitel Palm Jumeirah, Anantara Royal Amwaj and Oberoi Business Bay are completed, broker Jones Lang LaSalle Inc. said last month. Saudi Arabia is pursuing more than $500 billion of investments to build infrastructure and industry, and create jobs for youth. Tabreed said April 30 one new cooling plant came online in the kingdom."
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