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Union Properties hits 3.5-year high, Arabtec flat as it denies merger talks

The Dubai market measure DFMGI rose by 1.11% to reach 2,700.08 points on Thursday. This trading session marked the first time sinece Nov. 6 2008 that the gauge closed above 2,700. Dubai's second developer Union Properties surged 10.37%, closing as a top gainer at Dhs0.543. Arabtec was the most liquid stock and ended even at Dhs2.65. Earlier in the day, the construction giant denied media reports that it was in merger talks with either Kuwait's contractor Combined Group Contracting or with Saudi Oger. Nevertheless Arabtec was continuing to review opportunities in Saudi Arabia and Kuwait. Arabtec "will disclose any development in line with the regulations of the Dubai Financial Market," said the statement. Around 780m shares were traded, valued at Dhs810m.