Dubai’s benchmark stock index rose to the highest in more than five years as the emirate starts regulating the holiday home rental market and construction company Arabtec Holding PJSC won a contract.
The DFM General Index advanced 0.6 percent to 3,031.80, the highest since November 2008, at 12:13 p.m. in Dubai. The measure has surged 87 percent this year, making it one of the world’s best performers tracked by Bloomberg. Arabtec increased as much as 1.5 percent after a venture led by its unit won a $900 million deal to build a hospital. Emaar Properties was poised for the strongest close since October 2008. Qatar’s QE Indexgained 0.4 percent to the highest since Nov. 20.
Dubai’s property companies are benefiting from an economic recovery and a rebound in construction as the emirate won the right to host the World Expo in 2020. The Department of Tourism & Commerce Marketing will start issuing licenses to owners and investors planning to rent furnished properties on a daily, weekly or monthly basis, state-run WAM reported.
“Dubai allowing time sharing will certainly boost the tourism sector, bring in more foreign direct investments and absorb real estate supply that’s expected to come to the market,” said Tariq Qaqish, who oversees the equivalent of $136 million as head of asset management at Dubai-based Al Mal Capital PSC, in an e-mailed response to questions. Arabtec winning another contract adds to its existing “strong backlog,” he said.
Arabtec gained 1.1 percent to 2.66 dirhams and Emaar, Dubai’s biggest developer, rose 1.4 percent to 6.6 dirhams.
Dubai’s economy may grow 6.4 percent on average over the next three years, Barclays Plc said in a Nov. 26 report. Bank of America Corp. said in September the expo may boost gross domestic product by 0.5 percentage point annually and 2 percentage points in 2020.
Abu Dhabi’s ADX General Index advanced 0.8 percent, Saudi Arabia’s Tadawul climbed 0.4 percent, while Kuwait’s measure and Bahrain’s added 0.2 percent. Oman’s MSM30 Index was little changed.-Bloomberg
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