DUBAI Feb 14 A decline in builder Drake & Scull
weighed on the Dubai bourse in early trade on Tuesday,
while Abu Dhabi was supported by a blue chip real estate firm's
earnings and an arbitration judgement in favour of Dana Gas.
Abu Dhabi's Aldar Properties rose 0.4 percent
after the company made a net attributable profit in the three
months to Dec. 31 of 727.9 million dirhams ($198.2 million).
This was down 0.9 percent from the same period in 2015 but at
the higher end of forecasts; SICO Bahrain had forecast 496
million dirhams and EFG Hermes 849 million dirhams.
Dana Gas rose 2.1 percent after saying a
consortium including it was awarded $121 million by a London
arbitration tribunal in its dispute with the Kurdistan Regional
Government, while the court dismissed the government's
counterclaims. Abu Dhabi's index was up 0.2 percent.
Dubai's Drake & Scull was down 1.1 percent after
slumping as much as 8 percent in the opening minutes of trade.
It swung to a net loss in the fourth quarter of 490 million
dirhams, versus a profit of 14.7 million dirhams in the
DSI said that as part of its turnaround and capital
restructuring plan, it was considering proposing a rights issue
of 500 million dirhams in equity to a strategic investor, and
that it had secured a binding offer from a local investment
Saudi Arabia's general index was nearly flat after
an hour of trade. The largest listed stock, Saudi Basic
Industries added 0.5 percent, outperforming most
Qatar's stock market is closed for a public holiday.
(Reporting by Celine Aswad; Editing by Andrew Torchia and