Following the worst trading period in 2014 when the Dubai bourse lost more than 13 per cent last week, the Dubai Financial Market stood up again on Sunday, October 19, with the general index DFMGI closing 3.49 per cent higher at 4,419.46 points.
The gauge followed indices East and West, which surged on Friday amid speculation on new stimulus measure by the US, the world’s largest economy. Emaar Properties climbed by 2.53 per cent to AED10.16.
Arabtec was the focus on the trading floor today.
The UAE’s first construction firm jumped 8.10 per cent to hit AED3.87.
Earlier in the day, the builder of the world’s tallest tower, the Burj Khalifa, said it aims to start with phase one of the one million houses projects in Egypt by the end of the year as significant progress had been made in working together with the concerned public institutions in Egypt to get the green.
Phase one of the 40 billion dollar-project will consist of 120,000 housing units in the three cities of Obour, Badr and New Mina.