[2008-03-12]  Dubai, Abu Dhabi bourses drop
Dubais main index dropped 0.7 per cent to close at 5,714.23 while shares in Abu Dhabi fell 1.2 per cent at 4,729.84 points, with Aabar Energy Ltd losing for a second day after it sold its Asian unit at a lower price following a revised offer.

Kuwait-based Global Investment House was the biggest loser on the Dubai Financial Market General Index with a fall of 11 per cent to Dh14.70 from Dh16.50 followed by Commercial Bank of Dubai, which slumped five per cent to Dh9.65 from Dh10.15.

Global, Kuwaits biggest investment bank, said in a statement yesterday that it helped First Waterfront Real Estate Co raise Dh677.2 million (50 million Kuwaiti dinars) from a private share sale to raise money for projects in Dubai.

The venture plans to build four towers in the Madinat Al Arab district for Dh2.4 billion (175 million Kuwaiti dinars). Founded in 2006, First Waterfront is managed by Al Mazaya Holding Co while Global is listed in the Kuwait, Bahrain and Dubai stock markets.

Deyaar Development, the second-largest real-estate company in Dubai, dropped 1.2 per cent to Dh2.52 while Emirates NBD slipped 1.8 per cent to Dh13.95.

DP World, a global ports operator based in Dubai and owned by the Dubai government, rose 1.3 per cent to $0.81 on the Dubai International Financial Exchange.

Oil explorer and producer Aabar Energy lost 5.3 per cent to Dh4.13 after shareholders approved the sale of its Pearl Energy unit to state-owned Mubadala Development Co for Dh3.1 billion ($833.3 million) on March 9.

"There is a bit of disappointment with Pearls sale price," said Motasem Mustafa, the head of share trading at National Bank of Abu Dhabi, in a Bloomberg report.

Mubadala earlier offered to buy 90 per cent of Pearl, Aabars Asian exploration unit, for Dh3.2 billion ($875.5 million), but revised the offer for the entire company.



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