Dubai Shares Climb to Five-Year High Led by Deyaar; Egypt - Bloomberg

Dubai Shares Climb to Five-Year High Led by Deyaar; Egypt - Bloomberg:

"Dubai stocks rose to the highest since November 2008 as Deyaar Development PJSC (DEYAAR) and Union Properties (UPP) PJSC surged on bets the shares are cheap amid a recovery in property prices in the Persian Gulf tourist hub.
Deyaar, which today said it was holding a press conference Sept. 1 to announce a new project, soared the most since March 2012 as trading volumes climbed to more than 10 times the three-month daily average. Union Properties jumped 15 percent to the highest since January 2010. Dubai’s DFM General Index advanced 1.8 percent to 2,748.27 at the close in the emirate.
Today’s gains brought this year’s advance for Deyaar to 63 percent and for Union Properties to 58 percent. That compares with a surge of 67 percent for Emaar Properties PJSC (EMAAR), the developer of the world’s tallest tower, and 69 percent for Dubai’s benchmark index. The emirate is benefiting from an economic and real-estate recovery, with apartment prices in Dubai rising 17 percent in June from a year ago and those of villas increasing 12 percent, according to data from Jones Lang LaSalle. House prices had dropped more than 65 percent from a peak in 2008."

'via Blog this'