Dubai’s stock index reaches highest level in 10 years, driven by industrial and material companies
Dubai’s stock market reached its highest level since May 2014, boosted by strong company earnings and gains in the industrial and materials sectors.
Dubai Stock Market
Dubai’s main stock index rose 0.8% to 5,361.96 points on Friday. The increase was helped by a 3.4% rise in toll operator Salik Company and a 4.4% jump in low-cost airline Air Arabia.
The market continued to rise this week due to strong company earnings and a stable economy, said Hassan Fawaz, founder and chairman of GivTrade. He added that the market is in a good position to keep growing.
This steady growth shows investors have confidence in Dubai’s economy and businesses, pointing to further possible gains.
Company Earnings
Salik reported a full-year net profit of $315.82 million (AED 1.16 billion), higher than analysts’ expectations of $310.37 million (AED 1.14 billion). This led to its 3.4% stock rise.
Air Arabia’s fourth-quarter net profit jumped 56% to $95 million (AED 351 million). The airline also increased its annual dividend to 25 fils per share, showing strong growth.
Abu Dhabi Stock Market
Unlike Dubai, Abu Dhabi’s main stock index fell 0.3% due to losses in major companies.
- ADNOC Drilling dropped 1.4% to $1.50 (AED 5.50).
- Alpha Dhabi Holding declined 1.5% to $2.95 (AED 10.84).
- Burjeel Holding, a healthcare company, fell 9.8% to $0.48 (AED 1.75) after reporting a 33% drop in yearly profit.
However, ADNOC Drilling reported a 26% increase in net profit to $1.3 billion in 2024, helped by higher revenue from its growing onshore and offshore fleets.
Published: 15th February 2025
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