Resilient Dubai market shrugs off global woes
Those on the Dubai Financial Market (DFM) trading floor cheered at 12.45am local time when the DFM General Index turned into the green after a sluggish start into Monday, February 3, 2014. Despite index losses in Japan (the Nikkei hit a 2.5-month low earlier in the day) and in Germany, the DFMGI closed 0.49 per cent higher at 3,774.22 points amid higher trading volumes than on Sunday. News about an alleged emergency fire/disaster event at the Mall of the Emirates, which turned out to be a professional drill with no damage or casualties, dragged the gauge deeply into the red at 10am local time. Arabtec surged by 2.27 per cent to AED4.50. Earlier in the day, the biggest construction firm in the Middle East region said in a filing to the market that it will launch “a large-scale campaign to recruit thousands of youth in the UAE, the Gulf Cooperation Council and the Mena region”. Arabtec’s workforce has grown “to unprecedented levels, with approximately 3,000 new recruits in 2013 alone,” says the firm. Earlier in the week, Abu Dhabi-based state-owned investment company, Aabar, awarded Arabtec a project worth AED22.4 billion ($6.11bn) to build 37 towers in the UAE capital. The shares of SHUAA Capital dived 2.56 per cent to AED1.14. Emaar was up 0.76 per cent at AED7.95. Approximately 800 million shares were traded, valued at AED1.422bn.