Aldar Properties' funding framework weighed on local markets yesterday on the first day of trading since the deal was announced.
Abu Dhabi's biggest developer closed 7.05 per cent down at Dh2.11. Aldar announced a funding plan late on Thursday under which the Abu Dhabi Government would buy Dh10.9 billion of the company's infrastructure assets on Yas Island, Dh5.5bn of residential units and land, and issue a Dh2.8bn convertible bond. The mood among international investment banks was more upbeat than among local investors, however, as Deutsche Bank upgraded Aldar to "buy" from "hold" and lifted its share price estimate to Dh3.20 from Dh2.10.
The telecoms giant Etisalat also dipped after it missed a deadline for an agreement to buy a 46 per cent stake in Zain. The stock lost 0.93 per cent to close at Dh10.65. The Abu Dhabi ADX index closed down slightly. The Dubai Financial Market General Index lost 1.5 per cent to close at 1,600.55, a 4 per cent drop in the past week, and the Abu Dhabi Securities Exchange General Index retreated 0.89 per cent to 2,713.20.
In Dubai, property also took a hit as Emaar Properties, Arabtec Holding and Deyaar Development fell - by 2.59 per cent to Dh3.38, 1.61 per cent to Dh1.83 and 3.01 per cent to 30 fils, respectively.
The Saudi Tadawul All-Share Index gained 0.14 per cent to 6,788.42 as a stream of positive fourth-quarter results was announced.
Oman's market index edged 0.01 per cent higher to 7,027.32; Qatar rose 0.07 per cent to 9,242.63; Bahrain rose 0.32 per cent to 1,436.19 and Kuwait slipped 0.19 per cent to 6,922.90.
fhalime@thenational.ae
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Three stars
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
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