Aldar and Emaar shares climb after Dh30bn strategic alliance

Aldar rises 6.5 per cent, Emaar Properties gains 1.2 per cent at market open

21/03/2018 11:33 AST

The shares of Aldar and Emaar Properties, two of the the UAE's biggest developers, rose during early trade on Wednesday after unveiling a strategic alliance to develop local and international projects worth Dh30 billion a day earlier.

Aldar shares rose 6.5 per cent on Abu Dhabi Securities Exchange and Emaar, the developer behind the world's tallest tower, Burj Khalifa, gained 1.2 per cent on Dubai Financial Market within the first half hour of trading on bets that the joint venture deal will boost their businesses.

The venture will initially start with lifestyle developments on Saadiyat Grove in the cultural district of Abu Dhabi's Saadiyat Island and Emaar Beachfront, Dubai media office said in a statement yesterday.


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