Dubai's property stocks skyrocketed after the emirate's ruler announced plans for a vast hotel and shopping centre complex.
On Saturday, Sheikh Mohammed bin Rashid, the Vice President of the UAE and ruler of Dubai, announced plans for Mohammed bin Rashid City, which will contain 100 hotels and a new mall which is planned to be the world's largest.
The announcement set shares in Emaar Properties leaping when markets reopened on Sunday. The developer, which will build the new city alongside Dubai Holding, rose 4.1 per cent in early trading.
Emaar led the Dubai Financial Market General Index 1.4 per cent higher to 1,619.30, marking the biggest intraday gains for the market gauge in eight weeks.
Other real estate stocks also made headway.
Drake & Scull International rose 1.6 per cent, Arabtec Holding gained 3.4 per cent, Deyaar Development advanced 1.8 per cent, while Union Properties increased 1.7 per cent.
Meanwhile, the Abu Dhabi Securities Exchange General Index was flat at 2,643.32, with all but 13 stocks unchanged after an hour of trading.
The Saudi Tadawul ended yesterday's trading session 0.8 per cent higher at 6,665.49.
Elsewhere in the Gulf, Qatar and Oman's markets were flat, while Kuwait's markets retreated slightly.
ghunter@thenational.ae
