Bloomberg News

Persian Gulf Stocks: United Development, United International

February 26, 2012

Dubai’s DFM General Index (DFMGI) surged 2.7 percent to 1,676.49, the highest since April 21, at the 2 p.m. close in the emirate. Abu Dhabi’s ADX General Index (ADSMI) gained 1.3 percent. Saudi Arabia’s Tadawul All Share Index (SASEIDX) increased 0.2 percent.

Mohammad Al-Mojil Group (MMG) Co slumped 10 percent to 17.2 riyals, bringing its drop in the past two days to 19 percent, the biggest such slump on record. The Saudi Arabian construction services provider said its fourth-quarter loss widened to 1 billion riyals from 215.2 million a year earlier.

United Development Co. (UDCD) climbed to the highest in a month, gaining 1.2 percent to 25.2 riyals. The Qatari company involved in infrastructure and energy said an investor is seeking to become a strategic shareholder.

United International Transportation Co. (BUDGET) surged to the highest since October 2010, advancing 1.3 percent to 57.75 riyals. The Saudi Arabian car-rental company said it will seek shareholders approval to raise its capital by 33 percent to 244 million riyals ($65 million).

To contact the reporter on this story: Zahra Hankir in Dubai at

To contact the editor responsible for this story: Claudia Maedler at

The Good Business Issue
blog comments powered by Disqus