5.13 AM Thursday, 18 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:33 05:50 12:21 15:48 18:46 20:03
18 April 2024

Emaar at 4-year-high as DFM surges to 38-month high

By Vicky Kapur

Market benchmark Emaar Properties shot up 2 per cent intra-day today to reach a four-year-high of Dh5.11 per share as the overall Dubai Financial Market (DFM) index surged to a 38-month high of 1,915.

The share price of Emaar Properties has surged more than 85 per cent over the past 8 months, from Dh2.76 on June 4, 2012, to Dh5.11 this morning (February 11, 2013).

The UAE economy is expected to register a growth of between 4 and 5 per cent, the UAE’s Minister of Economy, Sultan Bin Saeed Al Mansouri, told reporters on the side-lines of the first meeting of the UAE-Poland Joint Economic Committee in Warsaw last week.

The UAE is seeing a remarkable turnaround in property prices across the country, and especially in Dubai, as investor confidence seems to be on the mend. Mansoori said he was ‘cautiously optimistic’ of the growth in UAE real estate.

The DFM is up 15 per cent year-to-date, and the Dubai index last saw levels above this in November 2009.

Investor optimism is once again propelling stock markets in the UAE, with the Abu Dhabi Exchange (ADX) index too matching a 34-month peak of 2,908 this morning, a level last seen in March 2010. ADX is up 8.5 per cent YTD.