Abu Dhabi's biggest developer notched up its highest daily gain in a month yesterday after its chief financial officer said the company planned to return to profit by the end of this year.
Shares of Aldar Properties, traded on the Abu Dhabi Securities Exchange (ADX), closed 3.45 per cent higher at Dh2.11.
"The company will be in the black at net profit level for 2011 and 2012 as well," Shafqat Malik told investors on Monday.
Aldar announced a plan last week under which the Abu Dhabi Government will buy Dh10.9 billion of the company's infrastructure assets on Yas Island, plus Dh5.5bn of residential units and land.
Shares of Aldar had declined more than 10 per cent in the past week. "We were hoping the Aldar hurricane would be over," said Mohammed Ali Yasin, the chief investment officer at CAPM Investment in Abu Dhabi. The ratings agency Standard & Poor's also upgraded its view of Aldar yesterday to "developing" from "negative".
Other property stocks listed in Abu Dhabi also benefited from the mood among investors. Sorouh Real Estate rose 2.6 per cent to Dh1.56 a share. RAK Properties advanced 2.3 per cent to 44 fils.
The ADX General Index lost 0.39 per cent to 2,679.55, while the Dubai Financial Market General Index rose 0.8 per cent to 1,622.31.
Drake & Scull International was up 2.8 per cent at Dh1.08.
Elsewhere in the region, Kuwait's measure advanced 0.04 per cent to 6,918, Bahrain's lost 0.4 per cent to close at 1,425.88, Oman's was down 0.2 per cent to 7,006.18, and Qatar's rose 0.3 per cent to 9,199.97. The Saudi Tadawul All-Share Index declined 0.7 per cent to 6,715.64.
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Company%20profile
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Results
5pm: Warsan Lake – Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Dhaw Al Reef, Sam Hitchcott (jockey), Abdallah Al Hammadi (trainer)
5.30pm: Al Quadra Lake – Maiden (PA) Dh80,000 (T) 1,600m; Winner: Mrouwah Al Gharbia, Sando Paiva, Abubakar Daud
6pm: Hatta Lake – Handicap (PA) Dh80,000 (T) 1,600m; Winner: AF Yatroq, George Buckell, Ernst Oertel
6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,600m; Winner: Ashton Tourettes, Adries de Vries, Ibrahim Aseel
7pm: Abu Dhabi Championship – Listed (PA) Dh180,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Zakher Lake – Rated Conditions (TB) Dh80,000 (T) 1,400m; Winner: Alfareeq, Dane O’Neill, Musabah Al Muhairi.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
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ENGLAND SQUAD
Joe Root (captain), Dom Sibley, Rory Burns, Dan Lawrence, Ben Stokes, Ollie Pope, Ben Foakes (wicketkeeper), Moeen Ali, Olly Stone, Chris Woakes, Jack Leach, Stuart Broad
How to protect yourself when air quality drops
Install an air filter in your home.
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Directors: Raj & DK
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Rating: 4/5
Race card
1.30pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m
2pm: Handicap (TB) Dh 84,000 (D) 1,400m
2.30pm: Maiden (TB) Dh 60,000 (D) 1,200m
3pm: Conditions (TB) Dh 100,000 (D) 1.950m
3.30pm: Handicap (TB) Dh 76,000 (D) 1,800m
4pm: Maiden (TB) Dh 60,000 (D) 1,600m
4.30pm: Handicap (TB) Dh 68,000 (D) 1,000m
