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Dubai market takes cover amid new tensions in the Mideast
- United Arab Emirates: Monday, May 06 - 2013 at 14:06
The DFM General Index fell 0.90% to 2,149.53 points Monday after Syria threatened to retaliate several Israeli rocket attacks on the capital Damascus. On the DMF, Ajmanbank gained the most, closing up 2.50% at Dhs15.65. Drake and Scull International or DSI ended unchanged at Dhs0.964. Earlier in the day, DSI said it won a Dhs180m contract for ITCC (Information Technology and Communication Complex) auxiliary works in Saudi Arabia and Dhs205m contract for a cross-country coal conveying system in India, where coal is still an important source for power generation. DSI CEO Khaldoun Tabari told AMEinfo.com that the construction market improved significantly in the last 5 months, "as nonperforming loans at banks decreased and financing condititions and the morale of payment improved." Tabari added that real estate markets in Saudi Arabia and the UAE were growing by real demand "and not by speculation."
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Gérard Al-Fil, Financial JournalistMonday, May 06 - 2013 at 14:06 UAE local time (GMT+4)
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