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MENAFN - Khaleej Times - 04/08/2008

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(MENAFN - Khaleej Times) Dubai shares yesterday rose 0.1 per cent to close at 5,410.23, with Gulf General Investments Co (GGICO) topping the main index, while Sorouh Real Estate and RAK Properties were among the losers on the Abu Dhabi bourse, which dropped 0.4 per cent at 4.954.73 points.

A shareholding firm with more than 30 subsidiaries and affiliates, GGICO surged 12.2 per cent to Dh10.10 on the Dubai Financial Market (DFM) General Index while Arabtec Holding, the builder of the world's tallest tower Burj Dubai, gained over one per cent to Dh19.25 as its unit won a contract to build villas.

Arabtec Construction said in a statement yesterday that it was awarded a Dh1.6 billion (436 million) contract by the Emaar-Bawadi joint venture to design and construct 1,437 villas in Dubailand. The project will be completed over three months.

Aramex, the biggest courier service company in the Middle East, climbed 0.4 per cent to Dh2.35 as second-quarter profit rose 15 per cent. Net income advanced to Dh38.4 million (10.5 million), or 0.032 fils a share, from Dh33.5 million, or 0.028 fils, a year earlier while second-quarter revenue rose to Dh539.3 million from Dh437.5 million.

Dubai Investments, which owns stakes in over 40 companies, slipped 0.5 per cent to Dh3.84 as profit jumped 50 per cent to Dh546.5 million on increased property sales.

Global Investment House was flat at Dh14.15 as it signed an agreement to build a cement plant. Kuwait's biggest investment bank said it agreed with Bina Holding, of Tunisia, to build a two million-tonne cement plant in the North African country.

Shares value in Dubai reached Dh571.9 million with 4,322 trades done through 26 companies, 12 of which had declined, nine had advanced and five were unchanged. At least 49.3 million shares traded on the Abu Dhabi Securities Exchange (ADX) General Index valued at Dh268.7 million.

Sorouh, the second-largest property developer in Abu Dhabi, slumped 2.1 per cent to Dh8.92 and RAK Properties lost 1.1 per cent to Dh1.86 while National Corp for Tourism and Hotels, a tourism-promotion company owned by the Abu Dhabi government, was the biggest loser with a fall of 9.8 per cent to Dh12.45.


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