Dubai’s benchmark stock index rose to the highest level in almost three years led by Emaar Properties PJSC (EMAAR) on investor optimism a real estate recovery in the emirate is set to continue this year.
Emaar, the developer of the world’s tallest skyscraper which said it started the development of a residential project in Dubai, surged to the highest level since 2009. Union Properties PJSC (UPP), another Dubai-based developer, soared 6.3 percent. The benchmark DFM General Index (DFMGI) jumped 1 percent to 1,791.73, the highest level since April 2010, at the close in the emirate. About 551 million shares were traded today, triple the 12-month daily average.
The Emaar news “sent a positive wave across real estate companies on the DFM,” said Samer Darwiche, Dubai-based analyst at Gulfmena Investments Ltd. “If Emaar is re-launching projects, it means there is demand on real estate and thus other companies should be doing the same.”
Dubai Index Rises to Three-Year High on Emaar, Property Outlook - Bloomberg
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