Aldar share shoots up on the first day of trading

The design for the Central Market in Abu Dhabi, which will be constructed by Aldar Properties, is under consideration and will be presented to the authorities within two months for final approval, said Ahmed Ali Al Sayegh, Chairman of Aldar Properties.

By A Staff Reporter

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Published: Wed 6 Apr 2005, 10:57 AM

Last updated: Tue 1 Nov 2022, 2:24 PM

He was talking to reporters, after the quotation of company's scrip on the Abu Dhabi Securities Market (ADSM) for the first time, a development, which was long been awaited by the investors. The investors were all visibly excited as the share valuing Dh1 was quoted at Dh7.59 for the first time, showing 759 per cent price gains, in line with the expectations of the market. The share hit a high of Dh8.8 before closing at Dh7.59. The total volume was 27.5 million shares.

Ahmed Ali Al Sayegh assured the investors that the company would meet their expectations in terms of good performance and payouts. Aldar, he said would eying not only the UAE market but has plans beyond the country. The basic aim behind Aldar was to offer an opportunity for UAE investors to reap the benefits of investing in the real estate market in Abu Dhabi and the UAE, he said.

Aldar Chairman said that design work on the flagship projects like the Dh1.3 billion redevelopment of the Central Market and the Dh54 billion development of the Al Raha Beach in Umm Al Nar is in progress.

Commenting on the Al Raha project, he said that the company is working on a master plan, which will be announced in due course. Pointing out that the financing for the project will be multifaceted and the company will be on its own in approaching the market for the financing of the Al Raha Beach Development.

"Aldar Properties raised a record Dh372 billion from the IPO of the company," he said. The company has also been appointed by Mubadala Development Company for the construction of the Imperial College London Diabetes Center building in Abu Dhabi. The center will comprise a treatment unit and a research institute in a specially built facility, which will open by mid-2006. Majid Adnan Maaitah, Manager, Securities Services Department at NBAD said that the Aldar IPO, which was the largest and most sophisticated financing in the region, would add value to the market and to the shareholders.

Earlier, at a simple ceremony, Ahmed Ali Al Sayegh, Chairman of ALDAR, and Harib Masoud Al Darmaki, Chairman of the ADSM announced the formal listing.

Harib Al Darmaki, Chairman of the Board of Directors of the Abu Dhabi Securities Market, in his remarks welcomed the commencement of trading of the shares and hoped it would help contributed greatly to the economy.

He praised the Abu Dhabi government for privatising the state run entities, widening the shareholding base, hoping it would raise quality of life and better economic performance.

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