Eshraq Properties rose yesterday as investors bought shares in the Abu Dhabi-listed developer ahead of the release of its third-quarter results.
Eshraq shares advanced 3.3 per cent to 31 fils on light volume.
The company's board of directors is to meet on Sunday and quarterly results are to be disclosed before trading begins on Monday, Eshraq said in a filing to the Abu Dhabi Securities Exchange (ADX).
Last month, Eshraq informed the market that it had purchased the Nuran Marina Hotel in Dubai from Emaar Properties for US$34 million.
"It's a good sign of diversification," said Wadah Al Taha, the chief investment officer at Al Zarooni Group, an investment company in Dubai. "If they move towards hospitality, it's the right time because the margin in that sector is much higher than the contracts."
Eshraq went public last year, with shares priced at Dh1.
Many investors seized on the option of buying the shares for a 25 per cent down payment, plus a fee of 0.02 fils a share. The balance of the price was to be paid off within two years, at the direction of the company's board of directors, it said at the time.
"It was a very smart move," said Mr Al Taha. "But by next year, they will have to call another part of the capital which hasn't yet been called."
The ADX General Index gained 0.4 per cent to 2,674.90 points yesterday. The Dubai Financial Market General Index added 0.1 per cent to 1,615.59.
Trading was light in markets across the region.
halsayegh@thenational.ae
Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
SHAITTAN
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