Salik drives gains at Dubai Financial Market

The Dubai Financial Market (DFM) climbed higher on Friday, driven by a surge in toll operator Salik. The main index rose 0.714 per cent, fueled by a 5.180 per cent jump in Salik shares after the company announced plans for two new toll gates - Business Bay Crossing on Al Khail Road, and Al Safa South on Sheikh Zayed Road - to optimise traffic flow and reduce congestion on key routes Meanwhile, the Abu Dhabi index closed 0.072 per cent down, as IHC, ADNOC Drilling, ADNOC Gas and ADNOC Logistics & Services fell 0.840 per cent to AED403.6; 1.490 per cent to AED3.970; 0.920 per cent to AED3.220; and 1.450 per cent to AED4.070 respectively. Banking giants FAB and ADCB stemmed the losses with gains of 2 per cent and 1.8 per cent, respectively.

Adding to the upward momentum in Dubai, Emirates NBD Bank, the emirate’s largest lender, gained 1.450 per cent after raising $450 million through a sale of 5-year Formosa bonds, according to an arranging bank document.

Dubai’s Roads and Transport Authority (RTA) on Friday announced the introduction of a new toll gate (Salik) at the Business Bay Crossing. The RTA also announced the installation of the Al Safa South Toll Gate on Sheikh Zayed Road, between Al Meydan and Umm Al Sheif Streets, for operational and organisational purposes. A single tariff will be required when crossing between the two Safa Gates (north and south) within a one-hour window.

The move is aligned with the RTA’s comprehensive strategic plan to develop road networks, public transport routes and services and enhance technical road and transport systems.