Markets rose today, ending the trading week on a positive note, as investors bought up property stocks amid speculation that the sector will show strong growth in the fourth quarter.
Aldar Properties, the builder of Yas Island and Ferrari World, jumped 4.4 per cent to 93 fils a share on the Abu Dhabi bourse. Sorouh Real Estate, the capital's second biggest developer, gained 4.2 per cent to 93 fils a share. The Abu Dhabi Securities Exchange General Index added 0.2 per cent to 2472.10 points.
"Markets are in better shape, generally speaking," said Fadi al Said, a senior fund manager at ING Investment Management in Dubai. "Liquidity is coming back and the global markets are improving."
Emaar Properties, the developer of the world's tallest skyscraper Burj Khalifa, gained 0.6 per cent to Dh2.92 a share. Arabtec Holding, Dubai's biggest contractor, surged 7.1 per cent to Dh2.85 amid consistent gains since the start of the year.
Elsewhere in the region, Kuwait's measure was unchanged at 5854.90 points. Bahrain's measure was little changed at 1136.30 points. Oman's MSM 30 Index was little changed at 5628.33 points. Qatar's QE Index added 0.2 per cent to 8716.12 points. The Saudi Tadawul All-Share Index added 0.7 per cent to 6797.09 points.
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances