ADCB Rises to 7-week high after starting new Luxembourg fund

Abu Dhabi Commercial Bank PJSC, the United Arab Emirates’ third-biggest bank by assets, rose to a seven-week high after announcing a specialized fund in Luxembourg to enable global institutions and individuals to invest in the UAE market. The shares climbed 2.5 per cent to Dh2.04 at 10:37 a.m. in Abu Dhabi today, the highest level since June 14. The ADCB Fund will provide investors “with a vigorously regulated European entry point” to the UAE market, the state-controlled lender said in an e-mailed statement yesterday.