Property companies' higher profits propel Dubai's stock market

Property companies led the Dubai's stock market yesterday after Majid Al Futtaim Holding said profit rose 21 per cent last year from malls and hotels as tourists flooded the country following the Arab Spring.

Emaar Properties, the biggest developer in the region that manages the Dubai Mall, rose 3.2 per cent to Dh2.54 a piece. Majid Al Futtaim, which is not publicly listed, said operating profit reached Dh2.7 billion from major retail and hotel developments such as Mall of the Emirates. The DFM General Index added 1.5 per cent to 1361.24 points.

The Abu Dhabi Securities Exchange General Index added 0.3 per cent to 2359.75 points.

Elsewhere in the region, Kuwait's index added 0.4 per cent to 5812.10 points. Bahrain's measure gained 0.3 per cent to 1144.91 points. Oman's MSM 30 Index was unchanged at 5593.63 points. Qatar's QE Index slipped 0.2 per cent to 8391.82 points. The Saudi Tadawul All-Share Index added 0.1 per cent to 6473.02 points.

halsayegh@thenational.ae