Abu Dhabi bourse closes unchanged

12 July 2010

The ADX General Market ended flat at 2,527.33 points. Index heavyweight and energy bellwether Taqa gained 1.85%, closing at Dhs1.10. But weak performing real estate and construction shares weighed on the market as villa and apartment rents in Abu Dhabi have continued to fall on average between 7% and a more pronounced drop of up to 15% for lower quality properties, according to the latest report by property services company Asteco. RAK Properties closed flat at DHs0.37. The firm announced today that the first residents received their key for their villas at Precinct 4 at Mina al-Arab, a mixed use leisure and holiday beach resort development situated along the beach of Ras Al Khaimah (RAK). The Dhs10bn ($2.7bn) project will consist of a beachfront strip and a group of islands, among other features.

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