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Emaar soars to near pre-Lehman levels
- United Arab Emirates: Sunday, February 24 - 2013 at 13:55
The Dubai Financial Market (DFM) General Index rose 1.19% Sunday to hit 1,945.95 points, the highest level since Nov. 30 2009. Despite the DMF's negative market breadth (8 shares up, 12 down), its gauge advanced mostly due to Emaar's rise to Dhs5.26 (up 4.57%), a level which the Middle East's first developer has seen last time in Nov. 2008, two months after Lehman Brothers filing for bankruptcy triggered the global financial crisis. Earlier in the day, Emaar has announced the launch of a new twin tower complex in Downtown Dubai that will offer more than 500 serviced apartments and a 180-room luxury hotel. Spanning the 50-storey high complex will be a unique 'Sky Bridge', which includes a signature restaurant, ballroom, infinity pool with amenity deck, which offers 360-degree vistas of Downtown Dubai and panoramic views of the Gulf. Shares of Gulf General Investment Co. or GGICO fell 4.50% to close as a top loser at Dhs0.34.
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Gérard Al-Fil, Financial JournalistSunday, February 24 - 2013 at 13:55 UAE local time (GMT+4)
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