Royal’s Firm Drags Down Abu Dhabi Index After 42,000% Rally
- IHC, units lead losses in Abu Dhabi; index lags peers YTD
- Profit taking after ‘significant gains’ seen as driving drop
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A group of companies controlled by an influential member of Abu Dhabi’s royal family have shed $30 billion in market value this year, contributing to a drop in the emirate’s benchmark index that’s lagged regional peers.
Abu Dhabi’s FTSE ADX General Index is down about 6% year-to-date, significantly under-performing benchmarks in Dubai and Riyadh, which have both risen more than 10%. That’s due in part to a near 4% drop in International Holding Co., the $236 billion conglomerate chaired by United Arab Emirates National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan.