UPP Surges Most Since September on Recovery Bets: Dubai Mover - Bloomberg:
"Union Properties PJSC (UPP) jumped the most in more than four months on investor bets Dubai’s second-biggest publicly traded developer will get an earnings boost from a real-estate recovery.
Shares of the company known as UPP advanced 9.8 percent, the most since Sept. 22, to 1.79 dirhams at the close in Dubai. Volumes surged to more than four times the three-month daily average. The stock has soared 16 percent since UPP said full-year profit surged almost nine-fold. Deyaar Development (DEYAAR) PJSC rose 4.8 percent after saying yesterday earnings quadrupled.
A resurgence in Dubai’s real estate market, where prices had more than halved from their 2008 peak, has helped developers recover from the financial crisis. Construction activity has picked up as the Persian Gulf business hub prepares to host the World Expo in 2020, with about $8 billion in infrastructure spending planned."
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