Aldar Properties jumped the most in almost two months after the Abu Dhabi developer revealed it had no plans to delist, putting an end to market speculation.
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"[The] Aldar board is fully committed to maintaining the company's listing," Aldar said in a statement to the Abu Dhabi Securities Exchange (ADX).
Speculation about a delisting has swirled ever since Mubadala Development, the developer's largest single shareholder, injected Dh2.8 billion into the company about a year ago. Mubadala, a strategic investment company owned by the Abu Dhabi Government, made the injection by buying bonds from Aldar that would later convert into shares, giving it more than a majority stake upon full conversion.
About Dh2.1bn of those bonds converted to shares on December 16, raising Mubadala's stake in Aldar to 49 per cent. That sent Aldar's shares to their lowest since their 2005 listing. The shares advanced 2.4 per cent yesterday, however, the highest price gain since October 30, to 85 fils at the close.
The ADX General Index was little changed at 2,350.28, while the Dubai Financial Market General Index edged 0.8 per cent lower to 1,328.07.
"There is little interest in the market," said Wadah Taha, the chief investment officer at Al Zarooni Group, based in Dubai.
"In previous years we would see a small rally during this period as investors make a few purchases, what we call 'window dressing', to increase the value of their portfolio at the year end. This has not happened this year."
Elsewhere in the region: Kuwait's measure added 0.1 per cent to 5,802.50; Bahrain's measure was little changed at 1,133.21; Oman's index added 0.2 per cent to 5,649.10; Qatar's QE Index rose 0.4 per cent to 8,816.02.
halsayegh@thenational.ae
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Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
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