Latest news with #EmaarProperties
Business Recorder
a day ago
- Business
- Business Recorder
UAE markets fall but Dubai index ends May at multi-year high
Dubai's main share index ended May at its highest level since July 2008, even as global trade uncertainty and concern over an economic slowdown weighed on sentiment in Friday's session. Oil prices - a catalyst for Gulf markets - were flat on Friday and heading for a second consecutive weekly loss, as investors weigh a potentially larger OPEC+ output hike for July, and uncertainty spreads around U.S. tariff policy after the latest courtroom twist. United Arab Emirates' markets settled lower on Friday, with Dubai's index retreating 0.22% and Abu Dhabi's benchmark index ending 0.62% lower, although the market ended the month at its highest level since March 2024. Abu Dhabi's index also recorded a seventh consecutive weekly session of gains. Ratings agency Fitch warned on Thursday that Dubai real estate prices are likely to face a double-digit fall in the second half of the year and in 2026. The Gulf's business and tourism hub, Dubai has experienced a post-pandemic property boom, fuelled by foreign investment and government-led residency reforms, which have helped send real estate prices soaring. Real estate development company Emaar Properties fell 1.13% on Friday. Healthcare and education investment company Amanat Holding was the biggest loser on the index, down 2.78%. All other Gulf markets are closed on Friday. -------------------------------------- ABU DHABI down 0.62% to 9,685.1 DUBAI down 0.22% to 5,480.51 --------------------------------------
Zawya
a day ago
- Business
- Zawya
Mideast Stocks: UAE markets fall but Dubai index ends May at multi-year high
Dubai's main share index ended May at its highest level since July 2008, even as global trade uncertainty and concern over an economic slowdown weighed on sentiment in Friday's session. Oil prices - a catalyst for Gulf markets - were flat on Friday and heading for a second consecutive weekly loss, as investors weigh a potentially larger OPEC+ output hike for July, and uncertainty spreads around U.S. tariff policy after the latest courtroom twist. United Arab Emirates' markets settled lower on Friday, with Dubai's index retreating 0.22% and Abu Dhabi's benchmark index ending 0.62% lower, although the market ended the month at its highest level since March 2024. Abu Dhabi's index also recorded a seventh consecutive weekly session of gains. Ratings agency Fitch warned on Thursday that Dubai real estate prices are likely to face a double-digit fall in the second half of the year and in 2026. The Gulf's business and tourism hub, Dubai has experienced a post-pandemic property boom, fuelled by foreign investment and government-led residency reforms, which have helped send real estate prices soaring. Real estate development company Emaar Properties fell 1.13% on Friday. Healthcare and education investment company Amanat Holding was the biggest loser on the index, down 2.78%. All other Gulf markets are closed on Friday. ABU DHABI down 0.62% to 9,685.1 DUBAI down 0.22% to 5,480.51
Zawya
2 days ago
- Business
- Zawya
Dubai Emaar Development acquires land for $798mln
Emaar Development, the construction arm of Dubai's largest listed real estate firm, Emaar Properties, has acquired a plot of land in Ras Al Khor, where it plans to launch real estate projects to capitalise on the continued boom in the emirate's property market. The land was acquired from Amlak Property Investment for 2.9 billion dirhams ($789 million), plus associated transaction cost. The acquisition, which will add to the developer's land bank, will be financed through internal resources. The full purchase price will be paid upon transfer of the land, expected by 31 July 2025. Emaar Development, a major player in Dubai's real estate market, is known for its large-scale master-planned communities, including Downtown Dubai, Dubai Marina, and Dubai Creek Harbour. The company, which delivers build-to-sell (BTS) assets, launched 12 projects across its master plans in the UAE in Q1 2025. (Writing by Brinda Darasha; editing by Daniel Luiz)
Zawya
2 days ago
- Business
- Zawya
Mideast Stocks: Dubai's stock index snaps five-day winning streak as Fitch flags property woes
Most Gulf stock markets settled lower on Thursday, with Dubai's main index snapping five consecutive sessions of gain, after ratings agency Fitch warned that the real estate prices of the emirate are likely to face a double-digit fall in the second half of this year and 2026. The agency said that a rise in deliveries in 2025 and 2026 to a planned 210,000 units is likely to cause a record increase in supply and push prices down by no more than 15%. In Dubai, real estate development company Emaar Properties , known for its notable works like Dubai Marina, Dubai Creek Harbour and the Dubai Mall, was down 1.48%. The index was down 0.61%. Real estate plays a crucial role in the economy of Dubai, a hub for business and tourism for most Gulf regions. Meanwhile, oil prices rose on Thursday after a U.S. court blocked most of U.S. President Donald Trump's tariffs, with markets keeping a close eye on possible new sanctions curbing Russian crude flows and an OPEC+ decision expected later this week on an output hike in July. The ruling bolstered the global market's risk appetite. However, analysts have warned that the reprieve may only last temporarily as The White House quickly appealed the decision and could take it to the Supreme Court. Saudi Arabia's benchmark stock index settled down 0.56%. Real state companies in the kingdom also took a hit, with Makkah Construction and Development losing 5.65% and Jabal Omar was down 4.52%. "The Saudi bourse remained relatively volatile after rebounding from its low. While a rise in oil prices could provide support, the downside risks weigh on sentiment," said Hani Abuagla, Senior Market Analyst at XTB MENA. "The market remained on a downtrend overall, but could find support from successful initial public offerings." In Abu Dhabi, the benchmark index finished flat. Qatar's benchmark stock index settled down 0.72%, with Vodafone Qatar losing 2.91%. Outside the Gulf, Egypt's blue-chip index, finished up 0.62%. Real estate company Emaar Misr was down 2.32% and Telecom Egypt finished 2.33% lower. The Central Bank in Egypt also lowered its overnight interest rates last week by a less-than-expected 100 basis points. SAUDI ARABIA down 0.56% to 10,990.4 ABU DHABI inched up 0.02% to 9,745.3 DUBAI down 0.61% to 5,492.7 QATAR down 0.72% to 10,463.04 EGYPT up 0.62% to 32,696.8 BAHRAIN inched up 0.01% to 1,920.9 OMAN up 0.97% 4,561.04 KUWAIT down 0.10% to 8,799.1 (Reporting by Rishab Shaju in Bengaluru; Editing by Tasim Zahid)
Reuters
2 days ago
- Business
- Reuters
Dubai's stock index snaps five-day winning streak as Fitch flags property woes
May 29 (Reuters) - Most Gulf stock markets settled lower on Thursday, with Dubai's main index (.DFMGI), opens new tab snapping five consecutive sessions of gain, after ratings agency Fitch warned that the real estate prices of the emirate are likely to face a double-digit fall in the second half of this year and 2026. The agency said that a rise in deliveries in 2025 and 2026 to a planned 210,000 units is likely to cause a record increase in supply and push prices down by no more than 15%. In Dubai, real estate development company Emaar Properties ( opens new tab, known for its notable works like Dubai Marina, Dubai Creek Harbour and the Dubai Mall, was down 1.48%. The index was down 0.61%. Real estate plays a crucial role in the economy of Dubai, a hub for business and tourism for most Gulf regions. Meanwhile, oil prices rose on Thursday after a U.S. court blocked most of U.S. President Donald Trump's tariffs, with markets keeping a close eye on possible new sanctions curbing Russian crude flows and an OPEC+ decision expected later this week on an output hike in July. The ruling bolstered the global market's risk appetite. However, analysts have warned that the reprieve may only last temporarily as The White House quickly appealed the decision and could take it to the Supreme Court. Saudi Arabia's benchmark stock index (.TASI), opens new tab settled down 0.56%. Real state companies in the kingdom also took a hit, with Makkah Construction and Development ( opens new tab losing 5.65% and Jabal Omar ( opens new tab was down 4.52%. "The Saudi bourse remained relatively volatile after rebounding from its low. While a rise in oil prices could provide support, the downside risks weigh on sentiment," said Hani Abuagla, Senior Market Analyst at XTB MENA. "The market remained on a downtrend overall, but could find support from successful initial public offerings." In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab finished flat. Qatar's benchmark stock index (.QSI), opens new tab settled down 0.72%, with Vodafone Qatar ( opens new tab losing 2.91%. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab , finished up 0.62%. Real estate company Emaar Misr ( opens new tab was down 2.32% and Telecom Egypt ( opens new tab finished 2.33% lower. The Central Bank in Egypt also lowered its overnight interest rates last week by a less-than-expected 100 basis points.
