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Oil price recovery lifts Dubai market out of the decline

After gaining 13 percent at the end of the last trading week, the DFM General Index jumped by another 9.88 per cent on Sunday, December 21, closing at 3,765.35 points as WTI Crude Oil price was knocking at $60 per barrel last Friday, up over six per cent over last Thursday. With weather forecasts in Europe pointing to an upcoming harsh winter, analysts expect oil prices to recover further.

Market bellwether Emaar Properties surged 13.72 per cent to hit AED7.71. Earlier in the week, it was revealed that its CEO Robert Booth has left the company, but will remain in touch with the developer as an “advisor”.

Emaar’s rival Deyaar Development gained the most, finishing 14.88 per cent higher at AED0.772. According to real estate research firm Reidin, “Undoubtedly, there has been a correlation between the oil and real estate markets as well as the stock markets,” the firm said earlier in the day in an e-mailed statement.

The shares of Takaful Emarat lost the most, heading down by 4.65 per cent to AED0.82.

Gérard Al-Fil