Deyaar Advances to Five-Year High on Recovery Bets: Dubai Mover - Bloomberg:
"Deyaar Development PJSC (DEYAAR), the second-largest publicly traded property company in Dubai, gained to the highest in more than five years on growing investor confidence in the emirate’s real estate recovery.
Shares of the company controlled by Dubai Islamic Bank PJSC (DIB) surged 10 percent to 1.08 dirhams, the highest since November 2008, at the close in the emirate. Dubai Islamic rose 1.7 percent as the Dubai Financial Market General Index (DFMGI) advanced 2 percent.
Deyaar’s shares are benefiting from an economic recovery in Dubai, which in November won the right to host the World Expo 2020, after profit tumbled when the property market imploded in 2008. Home prices may rise 35 percent to 40 percent this year, Sultan Bin Mejren, the head of the emirate’s Land Department said in an interview on Jan. 6."
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