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
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Killing of Qassem Suleimani
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Killing of Qassem Suleimani
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More from Rashmee Roshan Lall
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Emirates exiles
Will Wilson is not the first player to have attained high-class representative honours after first learning to play rugby on the playing fields of UAE.
Jonny Macdonald
Abu Dhabi-born and raised, the current Jebel Ali Dragons assistant coach was selected to play for Scotland at the Hong Kong Sevens in 2011.
Jordan Onojaife
Having started rugby by chance when the Jumeirah College team were short of players, he later won the World Under 20 Championship with England.
Devante Onojaife
Followed older brother Jordan into England age-group rugby, as well as the pro game at Northampton Saints, but recently switched allegiance to Scotland.
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
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KILLING OF QASSEM SULEIMANI
