Etisalat, FGB lift Abu Dhabi market
- United Arab Emirates: Sunday, March 17 - 2013 at 15:28
The ADX General Index gained 0.64%, finishing at 3,049.71 Sunday, as telecom duopolist Etisalat (up Dhs0.05 at Dhs10.20) and First Gulf Bank (0.30% higher at Dhs13.85) were among the most liquid stocks. Merging developers Aldar and Sorouh closed unchanged. Earlier in the Day National Bank of Abu Dhabi said housing prices were deflating by 1.1% year-on-year last month (like in Jan.), indicating that the real estate market in the UAE capital was still contracting. In order to lure more residents who work in Abu Dhabi but live in Dubai, the AD government demands employees of public companies to move to the capital within 2013, otherwise they would lose the housing allowance. Some 20,000 Dubai residents commute to their work places in Abu Dhabi by car or shuttle busses every day, Arabian Business said.
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