Dubai: UAE indices rallied more than one per cent on Monday as the Abu Dhabi Department of Finance and the UAE Central Bank signed two separate agreements with Dubai Government on Sunday to refinance a total of $20 billion in loans and bonds.

Dubai’s main index – DFM – closed 1.63 per cent at 4,124.77 points, while Abu Dhabi’s ADX index closed 1.92 per cent higher at 4,822.72 points.

Real estate index surged 3.28 per cent on Dubai bourse and 3.01 per cent on Abu Dhabi bourse, but volumes are still low on both the bourses.

The debt agreements come at a time when Dubai’s economy led by trade, tourism and property sectors has made a major recovery in recent months.

Dubai borrowed the money five years ago to help the government and its government-related entities to meet some of the debt obligations in the face of the global financial crisis. The refinancing comes ahead of its maturity this year.

The DFM index has surged 22.40 per cent for the year.

Gainers

Among the gainers, Arabtec rose by 6.41 per cent to Dh5.15, followed by Commercial Bank of Dubai by 6.19 per cent to Dh6 and Al Salam Group by 5.67 per cent to Dh1.4.

Bellwether Emaar Properties surged 1.65 per cent to Dh9.25.

Gulf Finance House fell by three per cent to Dh0.712, followed by Shuaa by 2.83 per cent to Dh1.03 and Al Madina by 1.79 per cent to Dh0.660.

Of the 30 companies traded, 17 rose, 12 fell and one remained steady.

About 723.09 million shares worth Dh1.8 billion were traded.

Arabtec was the active value leader while Gulf Finance House was the active volume leader.


Abu Dhabi

Among the gainers in Abu Dhabi, Methaq rose by 12.90 per cent to Dh1.75, followed by Sudan Telecommunication by 5.26 per cent to Dh1.20 and Dana by 5.13 per cent.

Sharjah Insurance Company suffered the worst by falling 10 per cent to Dh4.50, followed by Abu Dhabi Aviation by 6.57 per cent to Dh3.70 and Abu Dhabi National Company for B and M by 3.01 per cent to Dh1.29.

Of the 30 companies traded, 15 rose, 12 declined and three closed unchanged.

About 233.32 million shares worth Dh484.99 million were traded.

Aldar was the active value leader while Dana Gas was the active volume leader.

The index has surged 12.41 per cent for the year.