Abu Dhabi will spend 50 billion dirhams ($13.6 billion) over three years to stimulate its economy, the oil-rich emirate’s crown prince said.
Abu Dhabi-based NMC Health Plc closed at a record on Friday in London, boosting its market value to $10.8 billion. That’s about $200 million less than Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai.
NMC Health is now one of 24 equities in the region with a market cap above $10 billion. It has risen a whopping 1,650 percent since it started trading six years ago, more than any other company based in the Arab world.
The medical company started trading as part of the FTSE 100 Index from September last year, a steep climb for a stock that was listed in 2012. The health-care provider sold shares in an initial public offering at 210 pence each compared with 3,688 pence in London on April 20.
It still has a long way to go before unseating the unrivaled king of Middle Eastern stocks: Saudi Basic Industries Corp.
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