Takaful Emarat shares jump: takeover speculation?
The Dubai Financial Market General Index closed 1.07 per cent higher at a one-month high of 4,907.55 points on Thursday, August 21. Trading volumes increased by more than 50 per cent over yesterday, as more investors returned from their Eid/summer holidays.
Islamic insurance firm Takaful Emarat soared 14.88 per cent – a near limit up – to hit AED0.857. Earlier in the week, RAKBANK received shareholders’ nod to buy a majority stake in RAK Insurance Company, triggering expectations for the further consolidation of the UAE’s overcrowded insurance segment. In addition, Dubai residents are obliged to sign up for compulsory health insurance by 2016.
Emaar advanced by 1.46 per cent to reach AED10.45; the top developer in the UAE gained four per cent over the week.