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Union move lifts property in UAE

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Union move lifts property in UAE - UAE - developers - Dubai - property invesment

Property and construction stocks edged the Dubai Financial Market (DFM) higher yesterday after Union Properties replaced a key executive.

The Dubai developer yesterday appointed Ahmad Khalaf Al Marri as acting general manager after Khalid Rashid Al Jarwan stepped down. Union surged 5.7 per cent to 28 fils.

"Investors are looking at this as a positive continuation and a step towards the restructuring of the company as a whole," said Marwan Shurrab, the chief trader at Gulfmena Investments in Dubai.

The company last week said it had reached a Dh1 billion debt deal withEmirates NBD.

Arabtec Holding, one of Dubai's biggest contractors, added 1.1 per cent to Dh1.72 a share. The DFM General Index gained 0.5 per cent to 1,334.58.

The Abu Dhabi Securities Exchange (ADX) failed to attract much investor interest yesterday.

Aldar Properties, the largest developer in the emirate, lost 1.1 per cent to 83 fils.Sorouh Real Estate, which traded 2.1 million shares, ended unchanged at 74 fils.


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