Shuaa bucks profit-takings at Dubai market
- United Arab Emirates: Sunday, February 03 - 2013 at 14:44
After hitting the upper Bollinger Band last Thursday as a result of a six-day gaining streak, the DFM General Index dived 2.08% Sunday to close at 1,848.28 points. Emaar as the second liquid share plummeted 3.70% to Dhs4.69. Shuaa Capital gained 1.50% to hit Dhs0.6080. Earlier in the day, the UAE's oldest investment bank announced the establishment of Gulf Installments Company. The bank, which aims to return to profits this year, said "following the success of Shuaa's subsidiary Gulf Finance Corporation in the UAE, Gulf Installments Company, the new Saudi-based installment company focused on providing installment and lease financing to businesses across a variety of sectors and assets will be operated by Gulf Finance under a management contract with Shuaa." Gulf Installments, based in Jeddah, aims to finance SMEs across a variety of sectors, from contracting and construction, to healthcare and education. The firm offers lease financing for a range of fixed assets. Lease periods are available from 1 to 4 years and can be tailored to suit the needs of each individual client based on the term, down payment and rental plan, said Shuaa.
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