Dubai Index Rises to 5-Year High on Property Rally; Egypt Gains - Bloomberg:
"Dubai’s benchmark index rose to the highest in more than five years as real estate stocks extended the rally. Egypt shares advanced as the president set a date for a referendum on the draft constitution.
The DFM General Index (DFMGI) climbed 0.9 percent to 3,186.55, the highest since October 2008, at the close in Dubai. Emaar Properties PJSC (EMAAR), the developer with the most weighting on the index, gained for a seventh day. Arabtec Holding Co. (ARTC), the biggest construction company in the United Arab Emirates, jumped 3.3 percent. Abu Dhabi’s ADX General Index (ADSMI) advanced 1.2 percent to the highest since September 2008. Egypt’s EGX 30 Index rose 1.2 percent at 1:10 p.m. in Cairo.
Dubai property companies are benefiting from an economic recovery and a rebound in construction as the emirate prepares for the World Expo in 2020."
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