Dubai’s benchmark index rose to the highest level in almost four months after FTSE Group categorized the United Arab Emirates as an emerging market, boosting confidence that foreign investment will increase.
Emaar Properties PJSC, developer of the world’s tallest skyscraper, climbed 1.6 percent and Dubai Investments PJSC jumped to the highest since May. The DFM General Index advanced 1.2 percent to 1,647.03 at the 2 p.m. close in Dubai, bringing its gain for the week to 3.4 percent. Abu Dhabi’s benchmark stock index increased 0.2 percent.
“The entry of the U.A.E. to the FTSE Emerging Markets Index is positive in terms of exposure and liquidity,” said Paul Cooper, managing director at Sarasin-Alpen & Partners Ltd. in Dubai, which oversees more than $500 million in the Middle East. “Volumes have improved.”
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