Dubai Shares Hit 3-year High
Driven by rising investor optimism in Dubai’s sustained real estate recovery, Emaar shares rallied to a record level since 2009 to propel the benchmark stock index to the highest level in three years. Shares of Emaar, the developer of the world’s tallest skyscraper, climbed 4.1 per cent to Dh4.3 as it started the development of a residential project in Dubai.
Emaar, which has the heaviest weighting on Dubai’s index, helped boost the index up one per cent to 1,791.73, the strongest level since April 2010. Union Properties, another Dubai-based developer, soared 6.3 per cent. About 551 million shares were traded, triple the 12-month daily average. Positive trends in the property sector are set to continue in 2013.