(Bloomberg) -- Aldar Properties PJSC climbed the most in almost three months after Abu Dhabi signed off on deals worth $12.3 billion.
The company will take on management of 30 billion dirhams ($8.2 billion) in developments and provide oversight for projects worth 10 billion dirhams in education, health-care and infrastructure. Aldar will also manage 5 billion dirhams of projects that were awarded by the government in 2019.
The shares rose as much as 15% shortly after trading started, and trimmed their gains to 8% as of 11 a.m. local time. Abu Dhabi’s benchmark index rose 0.1%.
As part of its efforts to diversify, Aldar has been investing in a fee-based, development management division to manage buildings for clients. Aldar initially announced announced the 30 billion-dirham deal to build more than 25,000 homes for Emirati citizens in October.
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