Dubai index closed higher on Friday, led by Emaar Properties and its construction arm Emaar Development after the firms reported better-than-expected earnings, while Abu Dhabi closed lower.
Dubai’s main index rose 0.2%, supported by a 1.2% jump in blue-chip developer Emaar Properties and a 3.5% increase in its construction unit Emaar Development.
Emaar Properties, the developer of Burj Khalifa, recorded a 30% hike in its full-year profit to 17.60 billion dirhams ($4.79 billion), while Emaar Development’s full-year profit climbed 48% to 11.32 billion dirhams ($3.08 billion).
However, Talabat Holding, one of the largest food ordering businesses in the Middle East, tumbled 9.9%, its steepest decline since listing in late December 2024, after reporting a 11% drop in its fourth-quarter profit to $123 million.
Abu Dhabi’s benchmark index dropped 0.5%, breaking a nine-session winning streak, dragged down by a 2.4% decline in Abu Dhabi Islamic Bank, while freight shipper Agility Global slumped 5.3% ahead of its full-year earnings later in the day. Among the losers, utility firm Abu Dhabi National Energy Company slipped 3% after the firm posted a 9% decrease in its quarterly revenue to 12.14 billion dirhams ($3.31 billion).
- ABU DHABI fell 0.5% to 10,636 points
- DUBAI up 0.2% to 6,730 points
($1 = 3.6728 UAE dirham)
(Reporting by Mohd Edrees in Bengaluru; Editing by Shailesh Kuber)
