Dubai’s stock market, which has now risen 102.1 per cent this year after the economic fortunes of the country improved and the city won the right to host World Expo 2020, continued to inch up in trading on Tuesday.
Emaar Properties, the UAE’s biggest developer by market value, and Emirates NBD, the largest bank in the emirate, led the gains.
The Dubai Financial Market General Index rose 1.3 per cent to 3,280.39 points as 16 stocks rose, two fell and 13 were unchanged. In Abu Dhabi, the benchmark equities index rose 0.3 per cent to 4,160.85 points, bringing this year’s gain to 58 per cent. Fifteen stocks rose, 14 fell and 32 were unchanged.
Emaar, which has soared 102 per cent this year as housing prices in the emirates rebounded, gained 3 per cent to Dh7.57 a share while Emirates NBD, a benefactor of declining non-performing loans and increased business activity, advanced 1.5 per cent to Dh6.08 a share.
In the capital, the property company Aldar, the developer of Al Raha Beach residential community, rose 1.5 per cent to Dh2.71 a share while Dana Gas, the Sharjah-based natural gas producer with operations in Egypt and Iraq, gained 4.2 per cent to 75 fils a share.
Dubai’s index has gained 14 per cent since winning the right to host World Expo on November 27.
The economy of Dubai, which was hit hard by a housing crash and debt crisis five years ago, is expected to receive a US$23 billion boost through to 2021 on the back of clinching the exhibition, according to official estimates.