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28 March 2024

DFM moves up before Emaar Malls IPO

Published
By Staff

Dubai’s stock market dipped below the 5,000-mark for the first time in several days in intra-day trade on Monday but the main index broke through chart resistance to close at 5,090 points on Monday, up 1.1 per cent over its Sunday close.

Market benchmark Emaar properties closed at Dh11.45, up 1.8 per cent on the day. Emaar, Dubai’s largest listed developer, said on Sunday that subscriptions for the malls unit’s IPO would open on September 14.

The offer would be one of the largest equity sales in the Middle East since 2008, and Emaar has said it will allocate a substantial portion of the shares to the retail investors who dominate Dubai's stock market.

Abu Dhabi’s index closed at 5,186.38.