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Abu Dhabi’s Aldar ends at 2-wk high after govt bailout

December 29, 2011 3:17 by Reuters

Abu Dhabi real estate stocks close on sharp gains after the government bailed out Aldar Properties with a 16.8-billion-dirham ($4.57 billion) lifeline the previous evening.

Aldar ends at a two-week closing high, up 9.5 percent.

The government bought some Aldar assets, retired a loan and lent it money to complete its Capital Market project.

Peer Sorouh Real Estate also jumps, up 7.6 percent. The main index climbs 1.5 to 2,402 points, up for a second session running.

Neighbouring Dubai’s benchmark rises 0.5 percent to close at 1,353 points, extending December losses to 1.9 percent.

Tags: Aldar, Aldar Abu Dhabi, aldar abudhabi government bailout; government bailout aldar, government bailout aldar assets