Dubai Index Climbs to Five-Year High on Real Estate; Qatar Gains - Bloomberg:
"Dubai’s benchmark stock index rose to the highest in more than five years as the emirate starts regulating the holiday home rental market and construction company Arabtec (ARTC) Holding PJSC won a contract.
The DFM General Index (DFMGI) advanced 0.6 percent to 3,031.80, the highest since November 2008, at 12:13 p.m. in Dubai. The measure has surged 87 percent this year, making it one of the world’s best performers tracked by Bloomberg. Arabtec increased as much as 1.5 percent after a venture led by its unit won a $900 million deal to build a hospital. Emaar Properties PJSC (EMAAR) was poised for the strongest close since October 2008. Qatar’s QE Index (DSM) gained 0.4 percent to the highest since Nov. 20.
Dubai’s property companies are benefiting from an economic recovery and a rebound in construction as the emirate won the right to host the World Expo in 2020. The Department of Tourism & Commerce Marketing will start issuing licenses to owners and investors planning to rent furnished properties on a daily, weekly or monthly basis, state-run WAM reported."
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