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SHUAA hits two-year high as Dubai developers dip

: Thursday, March 27 - 2014 @ 16:28

The Dubai Financial Market General Index (DFMGI) finished flat at 4,383.83 points on Thursday, March 27. Emaar Properties, Union Properties and Deyaar Development fell by 0.3 per cent, 0.91 per cent and 2.24 per cent, respectively. For the second consecutive day, SHUAA Capital rose by 14.4 per cent to hit AED1.43, representing a two-year high. The UAE’s leading stand-alone investment bank, founded in 1979, was appointed sponsor by Emirates REIT for its upcoming initial public offering at NASDAQ Dubai. SHUAA and Emirates NBD Capital will act as joint bookrunners. On Sunday, Emirates REIT, a Shari’a-compliant real estate investment trust based in Dubai, said the indicative price range for its intended going public was set at $1.36 to $1.56. A SHUAA spokesperson told AMEinfo on Wednesday: “As the oldest investment bank in the UAE, SHUAA Capital has an excellent proven track record in preparing and managing IPOs at Arab capital markets and can benefit from the positive market environment.”

Gérard Al-Fil

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Thursday, March 27- 2014 @ 16:28 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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