Complex Made Simple

Rocky start for Amanat as Dubai market dives

The Dubai Financial Market General Index (DFMGI) lost 4.74 per cent to close at 4.281.43 points on Sunday, November 30, as shares dived across the board following OPEC’s decision last Thursday not to cut output in order to stabilise oil prices.

Air Arabia was the sole gainer (up 0.70 per cent at AED1.49) as airliners benefit from lower oil prices, which translate into lower jet fuel costs.

The last day of November also marked the first trading day of newly created healthcare and education company Amanat, which was incorporated by a group of 37 local GCC and international investors. The AED2.5 billion ($681 million) IPO, which offered Amanat at AED1 per share, had a rocky debut. Amanat closed off 12 per cent at AED0.88. The company said earlier in the day that it suffered losses of AED11.5m ($3.13m) since the firm was set up. Emaar Properties plummeted 3.20 per cent to AED10.60. The DFM itself, the only publicly listed Arab market, lost ten per cent to hit AED2.36.

Gérard Al-Fil