Dubai stocks rallied to the highest level in more than three years as Emaar Properties' new hotel project fuelled calls that the revenue of the developer of the world's tallest skyscraper would grow this year.
Emaar surged 4.6 per cent after the company said it would build two luxury hotel and serviced apartment towers in central Dubai. Arabtec Holding, the largest UAE builder by market value, rose to the highest level in almost three weeks. The benchmark Dubai Financial Market General Index gained 1.2 per cent to 1,945.95, the strongest close since November 2009.
"The assumption is that with growing confidence in UAE real estate, any new developments offered for sale will command ever-increasing premiums," said Julian Bruce, the Dubai-based head of institutional trading at EFG Hermes.
Emaar, which sold out the first phase of a separate luxury hotel development last month, said it would accept offers in Dubai and Riyadh on Saturday for The Address Residence Sky View project. The city's property market is recovering after prices tumbled more than 65 per cent from a 2008 high. The economy may have expanded 5 per cent last year, the fastest pace since 2007, as tourism, hotel and restaurant industries pick up, government forecasts show.
Dubai shares trade at an average price-to-book value of 0.8 times, compared with 1.8 times for stocks on Saudi Arabia's Tadawul All Share Index, the Arabian Gulf's largest bourse, data compiled by Bloomberg shows.
Emaar surged to Dh5.26, the highest since November 2008. Arabtec advanced 1.3 per cent to Dh3.02, the highest level since February 5.
The DFM General Index's 14-day relative strength index jumped to 75 today from 72 last week. A reading above 70 indicates to some analysts that a security or index is poised to decline.
Elsewhere, the Abu Dhabi Securities Exchange General Index gained 0.2 per cent.
* Bloomberg News
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Top%2010%20most%20competitive%20economies
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
Company%20Profile
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
COMPANY%20PROFILE
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
ENGLAND TEAM
England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler
Replacements: Luke Cowan-Dickie, Ellis Genge, Will Stuart, George Kruis, Lewis Ludlam, Willi Heinz, Ollie Devoto, Jonathan Joseph
Company%20profile
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THE LOWDOWN
Romeo Akbar Walter
Rating: 2/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Robby Grewal
Cast: John Abraham, Mouni Roy, Jackie Shroff and Sikandar Kher
MATCH INFO
Rugby World Cup (all times UAE)
Third-place play-off: New Zealand v Wales, Friday, 1pm
Final: England v South Africa, Saturday, 1pm
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
MATCH INFO
Jersey 147 (20 overs)
UAE 112 (19.2 overs)
Jersey win by 35 runs
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5