Dubai stocks surged to a 10-month high led by Emaar Properties PJSC (EMAAR) as investors bet economic growth will boost real estate prices, outweighing the effect of central bank curbs on home mortgages.
Emaar jumped to the highest level since April 2010 after the developer of the world’s tallest tower awarded a contract to Brookfield Multiplex Construction for a hotel in Dubai. Arabtec Holding Co. (ARTC) climbed 5.3 percent as it started constructing the Louvre Museum’s Abu Dhabi branch. The benchmark DFM General Index (DFMGI) gained 2.1 percent to 1,727.29, the highest level since March 5, at the close in the emirate. About 478 million shares were traded in Dubai, almost triple the 12-month daily average.
Dubai Shares Surge to Ten-Month High on Real Estate Outlook - Bloomberg
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