Complex Made Simple

Abu Dhabi developers Aldar and Sorouh recover further

The ADX General Index gained 0.10% to reach 2,435.19 Wednesday, as data compiled by the UAE National Statistics Bureau exposed Abu Dhabi's significant contribution to the 2011-rise of 4.2% in the Gulf state's real GDP. According to National Bank of Abu Dhabi or NBAD, "UAE real GDP growth rate was +4.2% y-o-y, up from +1.3% in 2010. The rise in oil and gas sector output accounted for 49% of overall real GDP growth, while trade, construction, transport and communication, and manufacturing were some of the other sectors driving growth." Abu Dhabi harbours some 8% of the world's known oil reserves and nine tenth's of the UAE's "black gold". Shares of Aldar Properties soared 1.85% to reach Dhs1.09, while Sorouh Real Estate jumped two percent, finishing at Dhs1.02. Some 46m shares were traded, valued at Dhs61.3m.