Shares in Alpha Dhabi, the investment group listed on the Abu Dhabi Securities Exchange on Sunday, closed up almost 13 per cent on Monday, making it the fourth-biggest company on the exchange.
The company, in which Integrated Holding Company and Infinity Wave Holding each own a 44 per cent stake, is valued at Dh169 billion ($46bn) at Monday's Dh16.90 a share closing price. That means only IHC itself (Dh208.7bn), Etisalat (Dh193.1bn) and First Abu Dhabi Bank (Dh178bn) have a higher market capitalisation.
IHC's shares also gained another 3.4 per cent to Dh114.60, pushing the ADX's main market index up 0.63 per cent and its market capitalisation to Dh1.15 trillion.
In the year to date, the Abu Dhabi market is the best performer in the Gulf and "among the best globally", gaining 33.8 per cent, said Devesh Mamtani, chief market strategist at Dubai-based brokerage Century Financial.
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