Complex Made Simple

Mall of the World news boosts Dubai market

The Dubai stock market index DFMGI closed 4.41 per cent higher to reach at 4,593.57 points on Sunday, July 6, a three-week high. The announcement made by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, that Dubai will house the world’s first temperature-controlled city for leisure, shopping and entertainment, Mall of the World, lifted the market, which lost 22 per cent in June.

Arabtec was, once again, the most active share by value and surged by 14.77 per cent to hit AED4.04, representing likewise a three-week high.

Market bellwether Emaar added 1.95 per cent to hit AED9.39.

At the NASDAQ Dubai, DP World, the third biggest port operator, dived 4.03 per cent to $18.81.

Twenty four shares advanced, while four declined. Approximately 944 million shares worth AED2.3 billion changed hands.

Gérard Al-Fil