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Emaar shares surge on new visa regulation

The Dubai bourse was mainly lifted by construction and real estate stocks on Wednesday, lifting the DFM General Index up by 0.62% to 1,516.93 points. The UAE Cabinet's decision to give multi-entry visas to investors purchasing a property in the UAE with a value above Dhs1m has lifted Emaar Properties by two percent to Dhs3.02. Arabtec Construction (up 2.40% at Dhs1.28) and Islamic home financing company Tamweel (0.35% higher at Dhs0.85) were also demanded. Emaar Properties Chairman Mohammed Alabbar praised the initiative, saying "The UAE Federal Cabinet decision to extend residence visa for real estate investors to three years will significantly enhance investor confidence and drive the growth of the country's property sector." He added that "the property sector is a key contributor to the non-oil GDP of the country, and is one of the largest employment providers apart from supporting several associated industries." Logistics services provider Aramex ended among the top losing shares (down 2.22% at Dhs1.76). Fifteen stocks gained, 12 lost and two closed even. Trading volumes increased significantly, as 115.9m shares valued at Dhs166m changed hands. At the NASDAQ Dubai, the FTSE NASDAQ Dubai UAE 20 Index closed at 1641.25 today, up 1.38%. DP World added one percent, finishing at $12.28.