Abu Dhabi's biggest developer rose to its one month high this morning after the company's chief financial officer said the company plans to return to profit by the end of this year.
Shares of Aldar, traded on the Abu Dhabi Securities Exchange, rose 3.9 per cent to Dh2.11 at 11:30 am.
"In the coming year, you will see that the company will be in the black at net profit level for 2011 and 2012 as well," Shafqat Malik told investors on a conference call on Monday.
Shares of Aldar had declined more than 10 per cent in the past week. "We were hoping the Aldar hurricane would be over," said Mohammed Ali Yassin, chief investment officer at CAPM Investments in Abu Dhabi.
Aldar announced a funding plan last Thursday under which the Abu Dhabi Government will buy Dh10.9 billion (US$2.96bn) of the company's infrastructure assets on Yas Island, plus Dh5.5bn of residential units and land.
Other property stocks listed in Abu Dhabi also benefitted from the mood among investors. Sorouh Real Estate gained 2.6 per cent to Dh1.56 a share. RAK Properties added 2.3 per cent to 44 fils.
The Abu Dhabi Securities Exchange General Index lost 0.2 per cent to 2683.21, while the Dubai Financial Market General Index gained 0.8 per cent 1621.84.
Du, the UAE's integrated telecom service provider gained 1.6 per cent to Dh3.05. Drake and Scull International added 1.9 per cent to Dh1.07.
Elsewhere in the region, Kuwait's measure declined 0.1 per cent to 6907.50. Bahrain's index remained flat at 1432.04. Oman's measure gained 0.1 per cent to 7028.76. Qata's index was unchanged at 9168.94. The Saudi Tadawul lost 0.3 per cent to 6768.24.
halsayegh@thenational.ae
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani
