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Union Properties gain 10pct in a week
- United Arab Emirates: Wednesday, April 10 - 2013 at 14:18
The Dubai Fiancial Market (DFM) General Index declined 0.35% to 1.956.02 Wednesday. Union Properties (UPP) bucked the trend by closing 3.10% at Dhs0.433. UPP's low share price makes the developer of Dubai Motor City and DIFC-based Index Tower (among other objects) attractive for bargain hunters and competitors for possible takeovers. On the decline were Dubai Islamic Bank (off 3.13%) and Emaar Properties (1.83% lower, ex-dividend). At Tuesday's 15th annual general meeting (AGM), Emaar declared a 10% cash dividend for the year 2012, equivalent to Dhs609m. One shareholder who was present told AMEinfo.com that ths AGM was "the most peaceful and harmonious in the post-crisis era". Emaar shares gained 70% in value in the last 12 months. Shares of Islamic home financing firm Tamweel fell 2.54%. In Q1 Tamweel earned a net profit of Dhs20.5m, up from 18.1m in the same period last year.
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Gérard Al-Fil, Financial JournalistWednesday, April 10 - 2013 at 14:18 UAE local time (GMT+4)
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