Dubai s largest listed property developer, Emaar, had a record 250 per cent surge in revenue for the first five months of 2021 - Dh10.5 billion against Dh3 billion in the same period last year. The net profit for the first quarter came in at Dh1.2 million, a 29 per cent increase from the same quarter last year.
This striking performance once again illustrates the resilience of the group to withstand the pandemic. The nation’s swift vaccination programmes and government stimulus offered resulted in a faster recuperation compared to other countries.
The Dubai residential real estate market felt the bump in 2020 with prices hitting rock bottom - and now it offers attractive opportunities, especially on premium properties. The luxury end of the market is enjoying a boom, with the emirate recording 22 residential sales in the $10 million and above bracket in the first five months compared with 19 for all of last year. A dip in the prices have culminated in a buyers’ market with
District cooling giant Tabreed is gaining on well-timed asset picks - and investors are interested gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
‘Sell in May and go away… is the famous financial world adage. But it didn t work with UAE stocks this year.
The saying suggests that stocks tend to underperform in May – this year, however, DFM rallied a stellar 7.37 per cent and ADX gained 8.46 per cent. The gains on DFM were powered by an 8.43 per cent rally for Emirates NBD and an 8.54 increase at Dubai Islamic Bank.
First Abu Dhabi Bank, with a weightage of almost 40 per cent in ADX, jumped 16.43 per cent, helping the index close higher for the month. Reports that First Abu Dhabi Bank s weighting in the MSCI Emerging Markets index could increase helped the rally. A strong rebound in the economy was a significant factor behind the solid performance of UAE equities.
For the week ended May 27, the DFM rallied 2.38 per cent and ADX closed higher by 0.47 per cent.
The top gainers are Abu Dhabi National Hotels (24.58 per cent), National Marine Dredging Co. (24.10 per cent), National Corporation of Tourism and Hotels (17.14 per cent), Ras Al Khaimah White Cement (14.94 per cent) and Abu Dhabi National Takaful (12.90 per cent).
Let us take a look at the listed shares in the UAE banking sector. This year, Emirates NBD is the best performer with a gain of 31 per cent. First Abu Dhabi Bank also had a stellar gain of 25.58 per cent.
Of course, reports that First Abu Dhabi Bank s weighting in the MSCI Emerging Markets index could increase helped the shares to rally. Among listed banks, the others to have done well this year are Abu Dhabi Islamic Bank (20.64 per cent), Abu Dhabi Commercial Bank (9.35 per cent), and Sharjah Islamic Bank (6.82 per cent).