Dubai shares yesterday gained 0.1 per cent to close at 5,931.66, led by Dubai Islamic Bank (DIB) and Tamweel, the UAE's biggest home-finance provider by market value. The Abu Dhabi bourse dropped 0.2 per cent at 4,830.51 points.
DIB, the country's biggest lender complying with Muslim banking rules, rose 3.8 per cent to Dh12.35 while Tamweel advanced 1.8 per cent to Dh6.88 and Arab Insurance Group topped the Dubai measure with a surge of 13.7 per cent to Dh4.15.
Tamweel has won for the third time the Structured Finance Deal of the Year award, presented at the 2008 Islamic Finance News Awards on Tuesday. The recognition was for its $210 million asset-backed securitisation issue, the world's first Shariah-compliant residential mortgage-backed securitisation transaction.
Dropping 1.8 per cent to Dh1.67, Gulf Navigation Holding was one of the biggest losers on the Dubai Financial Market (DFM) General Index. The oil and chemical shipping company rose to its highest close on Tuesday in over a month on plans to allow stock ownership to non-Gulf Arabs.
DFM shares reached 355.5 million with total value amounting to Dh1.8 billion. It saw 9,097 trades from 26 companies, whose losers outnumbered the winners 14 to 10 while the remaining two companies were unchanged.
Emirates Telecommunications Corp, also known as Etisalat, lost one per cent to Dh25.10 while National Corp for Tourism and Hotels was the biggest loser with a fall of 9.7 per cent to Dh9.35.
Etisalat has started training 200 employees from its Nigerian subsidiary, and plans to train 300 more with an aim to enhance their telecommunications skills.
The Nigerian office plans to start operations in the next few weeks.
DIB, the country's biggest lender complying with Muslim banking rules, rose 3.8 per cent to Dh12.35 while Tamweel advanced 1.8 per cent to Dh6.88 and Arab Insurance Group topped the Dubai measure with a surge of 13.7 per cent to Dh4.15.
Tamweel has won for the third time the Structured Finance Deal of the Year award, presented at the 2008 Islamic Finance News Awards on Tuesday. The recognition was for its $210 million asset-backed securitisation issue, the world's first Shariah-compliant residential mortgage-backed securitisation transaction.
Dropping 1.8 per cent to Dh1.67, Gulf Navigation Holding was one of the biggest losers on the Dubai Financial Market (DFM) General Index. The oil and chemical shipping company rose to its highest close on Tuesday in over a month on plans to allow stock ownership to non-Gulf Arabs.
DFM shares reached 355.5 million with total value amounting to Dh1.8 billion. It saw 9,097 trades from 26 companies, whose losers outnumbered the winners 14 to 10 while the remaining two companies were unchanged.
Emirates Telecommunications Corp, also known as Etisalat, lost one per cent to Dh25.10 while National Corp for Tourism and Hotels was the biggest loser with a fall of 9.7 per cent to Dh9.35.
Etisalat has started training 200 employees from its Nigerian subsidiary, and plans to train 300 more with an aim to enhance their telecommunications skills.
The Nigerian office plans to start operations in the next few weeks.
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