Shares in Arabtec, the construction and property development company, jumped this morning on news Aabar Investments, a sovereign investment company owned by the Abu Dhabi government, had upped its stake in the builder to 5.8 per cent.
The Arabtec announcement came after markets closed yesterday. Shares in the builder have risen since the start of the year on rumours of a planned takeover. Its share price has increased from Dh1.56 on January 2 to Dh3.53 today, a leap of 122 per cent. Meanwhile the benchmark Dubai bourse is up 28.87 per cent since the start of January.
The stock jumped to Dh5.14 a share in early trading this morning before a sell off sent it back down by 0.57 fils a share.
Today the Dubai General Financial Market Index was down slightly in early trading, dropping 0.06 per cent to 1,753.26. The Abu Dhabi Securities Market General Index fell 0.19 per cent 2,620
Stock markets in Europe and Asia closed down in a sea of red after Chinese Premier Wen Jiabao said China had set a 7.5 per cent economic growth target for this year - lower than the 8 per cent target of the last eight years.
The announcement offset positive US data from the Institute of Supply Management which showed the country's service sector beat economists' expectations to grow at its fastest pace for a year. The sector accounts for two thirds of the economy.
The price of a barrel of dated Brent crude was down 0.43 per cent having dropped 0.53 cents to US$123.
In Europe, a report on the state of the euro zone due out later today is expected to show that economy shrank in the fourth quarter.
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Race 3
Produced: Salman Khan Films and Tips Films
Director: Remo D’Souza
Cast: Salman Khan, Anil Kapoor, Jacqueline Fernandez, Bobby Deol, Daisy Shah, Saqib Salem
Rating: 2.5 stars
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Five%20calorie-packed%20Ramadan%20drinks
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20Profile
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The specs
Common to all models unless otherwise stated
Engine: 4-cylinder 2-litre T-GDi
0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)
Power: 276hp
Torque: 392Nm
Transmission: 6-Speed Manual/ 8-Speed Dual Clutch FWD
Price: TBC
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5