Dubai market shaves 1,900, Union Properties back to profits
- United Arab Emirates: Tuesday, February 19 - 2013 at 15:02
The Dubai Financial Market General Index rose 1.73% to reach 1,914.43 points. Emaar Properties hit Dhs4.99 (up 0.81%). Its smaller rival Union Properties or UP gained 0.46% to close at Dhs0.438. Earlier in the day, UP said it generated in 2012 a net profit of Dhs175.8m, compared to a loss of Dhs1.56bn in 2011. UP, developer of Dubai Motor City, the INDEX Tower and Limestone House in DIFC District, benefitted from cutting its debt along with the ongoing rebound in real estate sales in Dubai. A year ago, UP stroke a Dhs3.8bn debt restructuring deal with Dubai's biggest lender Emirates NBD. Mazaya Real Estate posted the biggest loss, closing at a limit down (off 10%) at Dhs0.90.
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