Complex Made Simple

Abu Dhabi developers gain on Nakheel announcement

The Abu Dhabi market index ADXGI advanced by 0.56 per cent to hit 4,383.68 points on Sunday, January 5. The two top developers in the emirate, Aldar Properties and Eshraq Properties, closed at AED2.80 (up by 0.36 per cent) and at AED2.24 (6.16 per cent higher). In a further indication of a rebound of the UAE real estate market and the general economy, Dubai state-owned developer Nakheel (not listed) said it would settle debt worth AED4 billion ($1.09 billion) ahead of maturity. On December 31, Ras al-Khaima (RAK) Properties (gaining 2.08 per cent at AED0.98) said it settled a loan worth $22.33 million. The loan was granted by the Investment and Development Office Government of RAK and is due in July 2014. The developer opted for settling the loan and for paying an early settlement fee.    

Gérard Al-Fil