Reuters news on Ritz Carlton sale lifts shares in Dubai`s Union Properties

Reuters beat the competition on July 5 with market-moving news that Dubais No. 3 developer will sell its Ritz Carlton hotel in the Gulf emirate by end-July to raise cash. Union Properties chairman told Reuters in an interview that the company had received two offers from investors in Saudi Arabia and the United Arab Emirates. The market was closed when the story ran but the company`s shares closed 2.9 percent higher the following day. The Reuters story was mentioned by several analysts including EFG-Hermes and Shuaa. The story was matched by Dow Jones the following day.