UAE army deal lifts Waha stocks

The news of prospective deal involving purchase of Airbus and Boeing military aircraft's by the United Arab Emirates has had positive impact on the stocks of Waha Capital that reached to six-week high on the bourses.

The deal, supported by some local and international partners, will see the delivery of world's largest and ultra modern aircrafts. Commenting on the deal, Hussein Jassim Al Nowais, Chairman of Waha Capital, expressed, "The financial backing we have received from reputable international financial institutions is testimony to the confidence of the international community in the strength of the U. A. E economy and financial credibility the Abu Dhabi Emirate."

Stock price of Waha surged 6.6 per cent to 0.7 Dirhams besides performing very well on Abu Dhabi's index. Dana Gas too did well, reporting an increase of 1 per cent. Similarly, Aldar Properties and Sorouh Real Estate reported an increase of 1.5 and 1.4 per cent respectively.

Ayman el-Saheb, Darahem Financial Brokerage director of operations, added, "Abu Dhabi is more stable. Investors believe Abu Dhabi's property sector will outperform that of Dubai, so they're switching ahead of fourth-quarter earnings announcements in the hope of dividend payouts."

Meanwhile, the stocks of Emaar Properties, the developer of prestigious Burj Khalifa, pushed Dubai Index in the early trading. Shares of the developer surged 0.8 per cent in the recent trading.