The rise of the Dubai market was supported by a rise in the banking sector by 0.21% with the growth of ‘Dubai Islamic’ 0.73%, while ‘Emirates NBD’ decreased by 0.2%, and the real estate sector increased by 2.67% with the rise of ‘Emaar Properties by 3.5%,’ Emaar Malls’ 2.11% and ‘Emaar Development 3.13’. Union Properties 0.38% and Damac 1.9%, while Deyaar decreased by 0.37%. The investment sector rose 0.83%, with Dubai Investments rising by 0.87% and Dubai Financial Market by 1.23%. The transport sector fell 0.48%. Emaar Properties topped the activity at 44.74 million dirhams, followed by Union Properties by 11 million, and Dubai Islamic by 9.3 million. Amanat achieved the largest increase by 3.81% to 0.789 dirhams, while Ajman Bank was the lowest, by 4.37%. Arab and Gulf investors and citizens tended towards buying, with a net investment of 10.43 million dirhams, while foreigners tended to liquidate.
Abu Dhabi Market
And pressure on the Abu Dhabi market, the banking sector fell 0.79%, with a decline in ‘First Abu Dhabi’ by 1.19%, while ‘Abu Dhabi Commercial rose 0.17% and’ Abu Dhabi Islamic ‘0.45%, and the investment sector declined 1.42%. The real estate sector increased 2.11%, with the house up 2.3%, and the energy sector 1.11%. The telecom sector increased 0.12%. Global Holding dominated the activity by 73.86 million dirhams, followed by First Abu Dhabi, 73.2 million. Marine dredges achieved the largest increase, by 10.79%, while Abu Dhabi National Takaful was the lowest, by 4.85%. And foreign investors began to buy, with a net investment of 40.68 million dirhams, while Arab and Gulf investors and citizens tended to liquidate.
Institutions tended to sell in the two markets, with a net investment of 3.77 million dirhams, of which 3.12 million in Abu Dhabi and 600 thousand in Dubai, while individual investors tended to buy, with a net investment of 3.77 million dirhams, of which 600 thousand in Dubai and 3.12 million in Abu Dhabi.
* AM Best, the global rating agency, has assigned an A-rating to the financial strength of Alliance, and the New Jersey-based agency has assigned an (-a) to the issuer’s credit rating with a stable outlook on both ratings.
* The Board of Directors of Gulf General Investments Company ‘GGICO will meet on Wednesday to discuss the company’s consolidated and unaudited financial statements for the period ending on September 30th.
* Takaful Al Emarat – Insurance announced that a board meeting will be held on Wednesday to approve the financial statements for the period ending on September 30, 2020.
* Shuaa Capital’s Board of Directors will approve the consolidated financial statements and the audit report for the period ending on September 30, 2020 on Wednesday.
* The Board of Directors of Gulf Pharmaceutical Industries’ Julphar will hold a meeting on November 12th to consider restructuring the bank loan.
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