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Waha surges on $1.8bn UAE army deal

Abu Dhabi, January 6, 2010

Waha Capital surged to a six-week high after the firm finalised a $1.8 billion financing deal for the United Arab Emirates Armed Forces to buy Airbus and
Boeing military aircraft.

Waha climbed 6.6 percent to 0.97 dirhams, its highest level since Nov. 25. It also dominated trading on Abu Dhabi's index, accounting for almost two-thirds of all shares changing hands.

Dana Gas rose for a second day since saying its Egypt unit had increased 2009 production, climbing 1 percent.

Aldar Properties and Sorouh Real Estate added 1.5 percent and 1.4 percent respectively, with the above four stocks the only names to see more than 1 million shares
change hands.

"Abu Dhabi is more stable, so whenever there's high volatility in Dubai some investors switch to Abu Dhabi - it's a safer bet," says Ayman el-Saheb, Darahem Financial Brokerage director of operations.

"Investors believe Abu Dhabi's property sector will outperform that of Dubai, so they're switching (to the likes of Aldar and Sorouh) ahead of fourth-quarter earnings announcements in the hope of dividend payouts."

The index climbed 0.1 percent to 2,778 points.

Meanwhile, Emaar Properties edged higher in early trading, helping to lift Dubai's index, but analysts say the sideways range will remain until fourth-quarter results start to come out or there is news on Dubai debts.

Emaar climbs 0.8 percent and accounts for half of all shares changing hands, while Dubai Financial Market added 1.1 percent. -Reuters




Tags: UAE | Waha |

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