Dubai’s shares rose to the highest in two weeks, led by construction and real-estate companies, on speculation they may benefit from Qatar’s infrastructure spending for the 2022 soccer World Cup.
Arabtec Holding PJSC, the biggest construction company in the United Arab Emirates, surged the most since March. Emaar Properties PJSC rose 1.6 percent after saying it will pursue development contracts in Qatar. The Dubai Financial Market General Index increased 1.1 percent to 1,706.24, the highest since Nov. 22, at the 2 p.m. close in the emirate. Dubai’s market was closed from Dec. 2 for holidays. Qatar’s QE Index rose 0.6 percent to the highest in more than two years. It soared 3.6 percent yesterday.
“Companies that have an on-the-ground presence in Qatar, especially in construction infrastructure related spaces” are gaining, said Shehzad Janab, head of asset management at Dubai- based Daman Investments PSC. “What this World Cup win means is that spending will be accelerated with a new impetus” by Qatar.
No comments:
Post a Comment