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.
halsayegh@thenational
fhalime@thenational.ae
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
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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”.
Marathon results
Men:
1. Titus Ekiru(KEN) 2:06:13
2. Alphonce Simbu(TAN) 2:07:50
3. Reuben Kipyego(KEN) 2:08:25
4. Abel Kirui(KEN) 2:08:46
5. Felix Kemutai(KEN) 2:10:48
Women:
1. Judith Korir(KEN) 2:22:30
2. Eunice Chumba(BHR) 2:26:01
3. Immaculate Chemutai(UGA) 2:28:30
4. Abebech Bekele(ETH) 2:29:43
5. Aleksandra Morozova(RUS) 2:33:01
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
23-man shortlist for next six Hall of Fame inductees
Tony Adams, David Beckham, Dennis Bergkamp, Sol Campbell, Eric Cantona, Andrew Cole, Ashley Cole, Didier Drogba, Les Ferdinand, Rio Ferdinand, Robbie Fowler, Steven Gerrard, Roy Keane, Frank Lampard, Matt Le Tissier, Michael Owen, Peter Schmeichel, Paul Scholes, John Terry, Robin van Persie, Nemanja Vidic, Patrick Viera, Ian Wright.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Brief scores:
Pakistan (1st innings) 181: Babar 71; Olivier 6-37
South Africa (1st innings) 223: Bavuma 53; Amir 4-62
Pakistan (2nd innings) 190: Masood 65, Imam 57; Olivier 5-59
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Second ODI
England 322-7 (50 ovs)
India 236 (50 ovs)
England win by 86 runs
Next match: Tuesday, July 17, Headingley
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
