UAE shares gain on quarterly results
Posted by ealigam
Dubai: With companies continuing to record impressive second-quarter earnings, UAE shares made gains for the second straight day on Monday.
While Deyaar Development and Emaar Properties gave a boost to the real estate sector shares in Dubai for the second straight day, it were the banking stocks that pushed the Abu Dhabi benchmark up for the third day.
The Dubai Financial Market general Index climbed 0.85 per cent to close at 5287.56. The Abu Dhabi Securities Exchange Index rose 0.60 to end at 4964.99.
ZonesCorp to reserve 40% of future realty projects in Abu Dhabi for families
The Higher Corporation for Specialised Economic Zones (ZonesCorp) has announced that it will reserve 40 per cent of its future residential real estate projects in Abu Dhabi for families, a senior official said.
Engineer Khadem Al Muhairi, executive director of workers services at ZonesCorp said: "We will provide affordable high-standard housing for the lower-income industrial workers and employees, of which 40 per cent will be allocated for families."
The corporation is contemplating upon building several residential properties in the UAE capital city for workers to meet the needs of the lower income segments. ZonesCorp, Abu Dhabi, has already introduced several new procedures, after some management companies provided family leasing contracts in the existing cities in violation of their commitment to confine leasing these real estate units to bachelors only.
Trading volume of Abu Dhabi bourse soars this year
UAE. The volume of trading in the Abu Dhabi Securities Exchange (ADX) trebled during the first half of this year, data released on Wednesday showed. ADX chief executive Tom Healy said in a statement that the value of securities traded on the market from 1 January to 30 June this year was AED163 billion (US$44 billion), as compared to AED 51 billion (US$14 billion) in the corresponding property period last year.
The number of shares traded and the number of trades increased by 93% and 60% respectively.“There are a number of reasons why ADX has witnessed such a huge increase in the amount of trading this year, the most important of which is that we are seen as a stable and sustainable market, which gives investors confidence,” Healy said.
“Furthermore, our index is up by nine percent in the first half of this year, there are more listed companies, properties and, alongside the Securities and Commodities Authority (SCA), we offer investors a transparent and well regulated market,” he added.
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