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Dubai market rebounds, Tabreed gains on Abu Dhabi Yas Waterworld deal
- United Arab Emirates: Wednesday, January 23 - 2013 at 14:00
Buying power returned to the local Dubai bourse Wednesday as the market index DFMGI ended up 0.85% at 1,792.30 points. Trading turnover dropped by over 50% compared to a week ago as 212m shares worth Dhs273.8m changed hands. Emaar was the most liquid share, gaining 2.75% to reach Dhs4.48, the highest level since Oct. 2009. Aramex lost the most (down 3.29% at Dhs2.06). National Central Cooling Co., known as Tabreed advanced 1.83%, closing at Dhs1.67. Earlier in the day, Tabreed said it was awarded an exclusive contract to provide of district cooling services to Yas Waterworld Abu Dhabi, the capital's largest waterpark. Spread over 15 hectares, Yas Waterworld will open its doors to the public Thursday, Jan. 24. The park, comparable to Dubai's fun-park Wild Wadi at the Burj Al Arab but bigger in size, will be the largest water-park in the UAE capital. Tabreed said compared to conventional cooling solutions, the expected reduction in CO2 emissions at Yas Waterworld would be almost 2,000 tons per year and the potential cost saving would reach almost Dhs600,000 per year thanks to Tabreed technology.
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Gérard Al-Fil, Financial JournalistWednesday, January 23 - 2013 at 14:00 UAE local time (GMT+4)
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