Dubai’s stocks advanced to the highest in almost a month led by Arabtec Holding Co. (ARTC) after Abu Dhabi’s Aabar Investments PJSC (AABAR) raised its ownership in the Dubai builder to 10.45 percent.
Arabtec, the United Arab Emirates’ biggest construction company, surged 15 percent, the biggest increase in more than three years. Emaar Properties PJSC (EMAAR), developer of the world’s tallest tower, rallied to the highest since June. The DFM General Index (DFMGI) jumped 2.4 percent to 1,693.67, the highest since March 5, at the 2 p.m. close in Dubai.
Aabar Real Estate now owns 5.13 percent of Arabtec, according to data posted on Dubai’s stock exchange. Aabar Petroleum Investments Co., which in 2008 sold its energy assets to state-owned Mubadala Development Co., holds 5.32 percent up from 5.28 percent last month, the data show.
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