Dubai Stocks Climb to 5-Year High on Emaar Profit; Qatar Gains - Bloomberg

Dubai Stocks Climb to 5-Year High on Emaar Profit; Qatar Gains - Bloomberg:

"Dubai’s benchmark stock index headed for the highest close in five years after Emaar Properties PJSC (EMAAR), the emirate’s biggest publicly traded developer, reported better-than-expected third-quarter profit.
The DFM General Index advanced 0.8 percent to 2,932.26, poised for the strongest close since November 2008, at 11:40 a.m. in the emirate. The measure has jumped 81 percent this year, making it the best performer among the 50 biggest equity markets globally. Emaar, which has a weighting of 20 percent in the index, climbed to the highest in two months and Drake & Scull International, (DSI) a provider of services to the real-estate industry, rose for the first time in five days. Qatar’s gauge increased 0.3 percent.
Emaar, the developer of the world’s tallest tower, reported a 50 percent increase in third-quarter profit as evidence mounts that the desert sheikhdom’s property crisis is receding. Real estate in the emirate is benefiting from a revival of Dubai’s economy, which is set to expand 4.6 percent, on average, between 2012 and 2015, more than twice the growth of the previous four years, according to government forecasts."

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