Real estate firms top trading table on Abu Dhabi Securities Exchange (By IFN)

Real estate firms top trading table on Abu Dhabi Securities Exchange

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UAE: Aldar Real Estate, Sorouh Real Estate, First Gulf Bank, Dana Gas and Etisalat led the Abu Dhabi Securities Exchange (ADX) in terms of trading and market capitalization for 2012, said the CEO of the exchange, Rashid Al Beloushi. According to Rashid, the top five companies in terms of trading value were Aldar Real Estate, at 20.2%, Etisalat at 17.1%, Sorouh Real Estate at 15.9%, First Gulf Bank at 10.4%, and Dana Gas at 5.6%; while other companies made up the remaining 30.7%. Etisalat topped the table in terms of market capitalization at 28.7%, followed by the National Bank of Abu Dhabi at 16.6% and First Gulf Bank at 13.9%. In terms of sector trading, real estate contributed to 39.6% of the total trading value on the exchange, followed by banks and telecommunications at 24.9% and 17.4% respectively. In terms of investors, Emiratis made up 62% of the traders on the exchange. Aldar, a prolific Sukuk issuer in its own right, is set to merge with Sorouh Real Estate after receiving the greenlight from its shareholders this week. The merger, which is set to be completed in June this year will bring the company’s combined assets to US$13 billion.