The Dubai Financial Market (DFM) index surged on Monday to the highest level since March 2008, buoyed by the announcement of listing details of the mall division of the Middle East's biggest developer, Emaar.

The DFM general index closed at 5,140.78 points on Monday, a surge of 1.54 percent than the previous day, following Sunday's announcement of the date and procedures for the listing of Emaar Malls Group (EMG).

The rally was mostly driven by gains made by Emaar, whose shares advanced by 4.50 percent to hit 11.65 dirhams (3.17 U.S. dollars). Trading volumes doubled compared to a week ago.

On Sunday, Emaar chairman Mohammed Alabar said his firm, which built the world's tallest tower Burj Khalifa in Dubai, would list at least 15 percent of the stake of EMG on the DFM as early as next month. EMG operates the Dubai Mall, one of the biggest shopping malls in the world.

Despite signs of a slowdown in Dubai's real estate boom at the start of the third quarter of this year, "the economic environment in Dubai remains positive," said Shailesh Dash, founder and CEO at Almasah Capital in Dubai. "Risk-takers can benefit from huge business opportunities in Dubai coming up within the next three years." Endi

Go to Forum >>0 Comment(s)