The Dubai index closed higher on Friday after Emaar Properties and its construction arm Emaar Development announced better-than-expected profits, while the Abu Dhabi index ended lower.
Dubai’s main index rose 0.2%, helped by a 1.2% rise in blue-chip developer Emaar Properties and a 3.5% rise in construction arm Emaar Development.
Emaar Properties, the developer of the Burj Khalifa, posted a 30% increase in full-year profit to 17.6 billion dirhams ($4.79 billion), while Emaar Development’s full-year profit rose 48% to 11.32 billion dirhams ($3.08 billion).
However, Talabat Holding, one of the largest food ordering companies in the Middle East, fell 9.9% after announcing an 11% drop in fourth-quarter profit to $123 million, its biggest fall since going public in late December 2024.
Abu Dhabi’s benchmark index fell 0.5%, dragged down by a 2.4% decline in Abu Dhabi Islamic Bank, which ended a nine-session winning streak, while freight forwarder Agility Global fell 5.3% ahead of its full-year results later in the day. Among the losers, utility company Abu Dhabi National Energy Company fell 3% after quarterly revenue fell 9% to 12.14 billion dirhams ($3.31 billion).
Abu Dhabi decreased by 0.5% to 10,636 points, Dubai increased by 0.2% to 6,730 points
($1 = 3.6728 UAE dirham)
(Reporting by Mohd Edrees in Bengaluru; Editing by Shailesh Kuber)
