Complex Made Simple

Tabreed secures project renewal with Aldar Properties

Volatility remained at the Dubai financial market (DFM) general index on Tuesday, January 20, sending the DFMGI 0.40 per cent lower to 3,877.77 points.

Emaar slipped 0.66 per cent, while Air Arabia added another 1.76 per cent to hit AED1.73 after its announcement yesterday that it would fly as the first Middle Eastern budget airline to China (Urumqi).

Tabreed declined by 1.68 per cent to AED1.17. Earlier in the day, the Abu Dhabi-based district-cooling specialist said it has renewed its district cooling agreement with Aldar Properties. “The renewed agreement has a duration of 30 years, and sets the framework for additional connections to future projects. Tabreed currently has six plants with a total capacity of approximately 160,000 tons that deliver cooling to some of Aldar’s landmark projects including Yas Island, the World Trade Centre in Abu Dhabi, among others,” said Tabreed.

Takaful Emarat, the local Islamic insurance provider, fell the most, ending off 9.26 per cent at AED0.98.

Gérard Al-Fil