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Dubai Investments gains slightly as subsidiaries order books fill up

: Monday, August 25 - 2014 @ 16:11

A roller-coaster trading day left the Dubai stock market index DFMGI at 4,970.05 points, up 0.14 per cent, on Monday, August 25.  Trading volumes stagnated, as there was a bank holiday in the United Kingdom. The city of London has the highest density of Middle East funds and investment vehicles outside the region.

The shares of Dubai Investments added 0.80 per cent to hit AED3.84.

Earlier in the day, DI said its subsidiaries such as Glass LLC, Emirates Building Systems and Dubai Cranes reported a number of new projects across Dubai, Abu Dhabi, Qatar and Saudi Arabia, among others. Projects won by DI subsidiaries include e. g. glass orders for Dubai Design, Habtoor Hotel, Masdar office building in Dubai, Crédit Libanais HQ in Beirut, and steel structures for Riyadh Public Transport and three petrochemical projects for Saudi Aramco

Emaar Properties declined by 0.95 per cent to AED10.40. Earlier in the day, Jesse Downs, managing director and co-founder at Phidar Advisory told Business Breakfast host Richard Dean on Radio Dubai Eye the real estate market in Dubai had entered a correction, “but it won’t be that extreme like in 2008 when the financial crisis hit the local property market.” In the current quarter, villa price increases in particular and real estate transactions have slowed down, said Downs.

Gérard Al-Fil

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Monday, August 25- 2014 @ 16:11 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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