Dubai’s benchmark stock index completed the biggest weekly gain since March on optimism Emaar Properties PJSC (EMAAR)’s unit will benefit from Saudi Arabia’s approval of a mortgage law and second-quarter earnings will double.
Emaar, developer of the world’s tallest skyscraper, rallied 1.7 percent today, taking this week’s gain to 10 percent. Gulf General Investment Co. (GGICO), which signed restructuring agreements this week with its lenders, advanced 7.8 percent. The DFM General Index (DFMGI) climbed 1 percent to 1,504.70 at the close in the emirate, the highest since May 10. The measure gained to 3.6 percent this week, the most since the five days ended March 15. The Bloomberg GCC 200 Index (BGCC200) rose 0.1 percent today. Oman’s MSM30 Index (MSM30) snapped a four-day decline, gaining 0.4 percent.
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