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Dubai market rises near 5-year high on U. S. debt deal, Expo2020 countdown

The Dubai Financial Market General Index (DFMGI) jumped 2.80% to close at 2,909.91 points on Sunday, the highest level since Nov. 3 2008 This session marked the first trading day after the long Eid Al-Adha holidays. Investors apparently cheered the deal to raise the debt ceiling in the United States from last Thursday as Middle Eastern exchanges had no chance to react at that day as markets in the region were closed marking the Islamic feast of sacrifice. Meanwhile. the Dubaigovernent launched a new public awareness campaign on the upcoming vote on the Expo 2020 candidature as the decision on whether or not Dubai will get green light will be taken in a month in Paris. At the DFM, shares of Union Properties, the second developer in Dubai, gained 8.76% to reach Dhs0.956, representing a 4-year high. The UAE’s biggest developer Emaar added 3.02% tohit Dhs6.15. Twenty-five shares advanced, while 5 declined in value. Investment bank Shuaa Capital posted the biggest loss, finishing 2.45% lower at Dhs0.917.