SHUAA Capital jumps to near limit-up
The Dubai Financial Market General Index (DFMGI) finished a roller-coaster Wednesday 0.87 per cent higher at 4,383.20 points on Wednesday, March 26. Emaar Properties gained 0.819 per cent to AED9.86. SHUAA Capital surged 14.68 per cent to AED1.25. The UAE’s oldest 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 Sharia-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 “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.” Deyaar Development closed flat at AED1.34. Some 677 million shares were traded, valued at AED1.356 million. Fifteen shares advanced, while 11 declined in value.