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Emaar, Aldar help push UAE bourses to post-Eid gains

Dome, Architecture, Building Creative Commons
Aldar has deployed and committed over AED11 billion of capital this year as part of its strategy for transformational growth

Stock markets in United Arab Emirates closed higher on Tuesday, as they reopened after Eid holidays, with Abu Dhabi index snapping losses in straight seven sessions.

Dubai’s benchmark index rose 0.6 percent, buoyed by a 1.5 percent jump in sharia lender Dubai Islamic Bank and a 1.2 percent gain in Blue-chip developer Emaar Properties.

In Abu Dhabi, the index closed 0.1 percent higher, supported by a 0.8 percent increase in the United Arab Emirates’ biggest lender First Abu Dhabi Bank and 1.1 percent rise in investment firm Multiply Group.

Amongh other stocks, Aldar Properties jumped 1.8 percent after the company announced sale of three apartment buildings at Grove District for 600 million dirhams ($163.36 million).

The Abu Dhabi stock market reversed course after two weeks of decreases, thanks to the holidays that acted as a circuit breaker. The market could follow Dubai, making gains this week, despite the downside risks, said Daniel Takieddine, CEO MENA BDSwiss.

ABU DHABI up 0.1 percent to 9,171 points

DUBAI rose 0.6 percent to 3,129 points