By: Mahmoud Gamal
Dubai – Mubasher: Dubai Investments’ stock rose to the highest level in 17 months in Thursday’s in 17 months, amid the firm’s announced plans to increase foreign investments in the first half of 2016.
The company’s stock went up 3.75% by 12:15pm UAE time to reach AED 2.55, its highest level since 8 August 2015, generating AED 47.53 million.
As a result, Dubai bourse’s main index went up 0.5% during the same period.
The stock attracted investments from portfolio investors and investment funds in the fourth quarter of 2016, in line with expectations of better annual profits and dividends, according to capital market Zahid Al Saraawi.
The company is likely to achieve profits of AED 1.6 billion in 2018 or 2019, the company’s managing director and CEO Khalid Bin Kalban said in an interview with CNBC Arabia.
Announcement of expansion plans in Saudi Arabia will enhance the company’s financial position, Al Saraawi added.
The company's stock is seeing strong buying which will push it to reach AED 2.6-3 in the coming period, technical analyst Fahd Hamdan added.
Translated by: Julian Nabil
