Dubai stocks rose the most in two months after Emaar Properties PJSC (EMAAR) said it’s expanding the world’s largest mall and amid optimism the Saudi king’s health is improving after he underwent back surgery.
Emaar, developer of the world’s tallest skyscraper, gained 1.6 percent after saying it will add a new shopping boulevard, residences and hotels to the Dubai Mall. Arabtec Holding Co. (ARTC), the United Arab Emirates’ biggest publicly traded construction company, advanced the most in a week. The DFM General Index (DFMGI) climbed 1.2 percent, the biggest gain since Oct. 1, to 1,607.90 at the 2 p.m. close in Dubai, trimming this month’s decline to 0.7 percent. Dubai’s market will close beginning Dec. 2 for a two-day national holiday.
Emaar rallied to a one-month high on Nov. 25 after Dubai’s government said the company will help build a district called “Mohammed Bin Rashid City,” named after the emirate’s ruler, a plan that includes a mall surpassing the Dubai Mall in size.
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