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Aldar, Sorouh soar on bullish construction prospect for UAE

 
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Kirk
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PostPosted: Tue Feb 28, 2012 7:07 pm    Post subject: Aldar, Sorouh soar on bullish construction prospect for UAE Reply with quote

The Abu Dhabi market gauge ADXGI closed 0.70% higher at 2,593.22 points. Shares of developers companies Aldar Properties and Sorouh Real Estate gained 3.50% and 4.50%, respectively. Gulf News reported earlier today, the combined value of current construction projects in the UAE is about $1.25tr (Dhs4.59 trillion). "New research states that 2012 will see $15.07bn worth of contracts awarded in the Emirates — an increase of 26.57 percent over last year," Gulf News said, quoting research firm Venture Middle East. Only two shares lost at the ADX, among them bellwether Etisalat (off 0.10%). According to Talal Touqan, Head of Equity Research at Al Ramz Securities in Abu Dhabi, the strong rebound at UAE markets is not only teachnical, but also due to fundamental reasons, among them: "Forceful cash dividends and high yields, an average that exceeds 5 per cent; Recovering corporate results, especially in the property sector; Cyclicality, low return on other asset classes (a state of exhaustion hit bond yields, cash deposits, as well as commodities except energy)" Year-to-date, the ADXGI gained 7.82%.

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