- Dubai's main stock index reached its highest level since August 2015, driven by a surge in property-related shares. The Dubai Financial Market General Index rose 2.3% after a four-day break, outperforming emerging-market stocks.
- Emaar Properties, Emaar Development and Emirates NBD Bank were the key contributors to the gain. The market benefited from new listings and a revaluation of real estate companies, with Emaar Development also reinstating its dividend.
Why it matters
Dubai relies heavily on its real estate sector, which contributes over a third of its consumer price index. Despite falling prices elsewhere, Dubai's real estate market has thrived, attracting investments and tourists. S&P Global Ratings predicts Dubai's economy to grow by 3% this year, following 5% growth in 2022 and 6.2% the year before. Emaar Properties was recently upgraded due to strong demand and improved pricing in the sector.
