Dubai stocks rallied to the highest level in more than three years as Emaar Properties' new hotel project fuelled calls that the revenue of the developer of the world's tallest skyscraper would grow this year.
Emaar surged 4.6 per cent after the company said it would build two luxury hotel and serviced apartment towers in central Dubai. Arabtec Holding, the largest UAE builder by market value, rose to the highest level in almost three weeks. The benchmark Dubai Financial Market General Index gained 1.2 per cent to 1,945.95, the strongest close since November 2009.
"The assumption is that with growing confidence in UAE real estate, any new developments offered for sale will command ever-increasing premiums," said Julian Bruce, the Dubai-based head of institutional trading at EFG Hermes.
Read more: http://www.thenational.ae/business/markets/dubai-stocks-at-a-three-year-high#ixzz2LtMggTES
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