U.A.E. Shares Rise, Led by ADIB, Arabtec, Taqa: Gulf Stocks

By Zainab Fattah

Feb. 12 (Bloomberg) -- United Arab Emirates shares advanced as earnings this week from companies including Abu Dhabi Islamic Bank PJSC, Abu Dhabi National Energy Co. and Arabtec Holding Co. increased investor confidence.

ADIB, the United Arab Emirates’ second-largest lender complying with Muslim banking, rose to the highest in two weeks after the company reported fourth-quarter earnings. Abu Dhabi National Energy climbed for a second day after saying yesterday 2008 profit surged 89 percent. Aldar Properties PJSC and Dubai’s Arabtec Holding PJSC climbed for a fifth day. Arabtec on Feb. 9 reported full-year profit jumped 77 percent.

The Dubai Financial Market General Index rose 1.4 percent to 1,508.86, its highest close since Jan. 29. The Abu Dhabi Securities Exchange General Index gained less than 0.1 percent, bringing the six-day rally to 5.3 percent.

“There has been a slight ease of fear and improvement in sentiment after Arabtec’s earnings came out,” said Mohammed Ali Yasin, the managing director of Shuaa Securities in Dubai.

ADIB jumped 6.2 percent to 2.75 dirhams. The bank said fourth-quarter net income ex-items surged 77 percent to 252.7 million dirhams ($68.8 million). Abu Dhabi National Energy, or Taqa, increased 6.4 percent to 1.16 dirhams. The energy investor said full-year profit was 1.95 billion dirhams. The shares surged 15 percent in the past two-days.

Aldar, the developer of Ferrari and Warner Bros.-branded theme parks in Abu Dhabi, rose 5.4 percent to 2.52 dirhams. The shares have gained 24 percent this week.

Arabtec soared 11 percent to 1.3 dirhams, bringing the five- day surge to 71 percent. Net income for the full-year advanced to 945 million dirhams. The shares have still tumbled 42 percent in 2009.

The Kuwait Stock Exchange Index fell 0.3 percent, while the Bahrain All Share Index added 0.6 percent. Oman’s Muscat Securities Market 30 Index declined 0.2 percent, according to the exchange’s Web site. The Doha Securities Market Index declined 0.3 percent. Saudi Arabia’s market is closed for the weekend.

To contact the reporter on this story: Zainab Fattah in Dubai on zfattah@bloomberg.net