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Dubai Ruler visited the mourning tent in Al Ain on Friday
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Air Arabia's strong profits boost bourses
DUBAI — Shares in Dubai rose for a third day yesterday after Air Arabia's increased earnings boosted investor confidence in the UAE markets. The Dubai Financial Market (DFM) General Index jumped 1.5 per cent to close at 5,735.64 while the Abu Dhabi Securities Market (ADSM) Index added 0.8 per cent at 4,773.72 points.
The only publicly traded airlines in the Gulf region, Air Arabia rose 1.5 per cent to Dh2.07 on announcement that its net profit reached Dh376 million in 2007, up 272 per cent from Dh101 million the previous year. Advancing for a fourth day, the low-cost airline's 117.54 million shares were valued at Dh245.4 million.
Tamweel, the UAE's biggest home-finance provider, advanced 2.5 per cent to Dh6.57, gaining the most in almost two weeks after it won approval to provide mortgages in Egypt. Egyptian Mortgage Finance Authority has said that Tamweel Egypt for Real Estate Finance may begin operating in the second-quarter of the year.
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