"Air Arabia PJSC (AIRARABI) surged to the highest level in more than two weeks on bets Dubai’s tourism recovery will boost profit at the Middle East’s biggest no-frills airline.
Shares of the carrier advanced 2.7 percent to 1.16 dirhams, the highest level since June 2, at the close in the emirate. About 46 million shares were traded, more than double the three-month daily average. The stock was the second-biggest gainer on the benchmark DFM General Index (DFMGI), which rose 0.6 percent.
“The company is benefiting from the tourism recovery in Dubai,” said Tariq Qaqish, head of asset management at Dubai-based Al Mal Capital PSC. There are “expectations that second-quarter earnings will beat estimates” after first-quarter profit rose, he said."
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