May 09 2021, 7:58 PM
May 09 2021, 2:45 PM
May 09 2021, 7:58 PM
(Bloomberg) --
(Bloomberg) --
Stocks in Dubai were among the biggest gainers across the Middle East amid optimism that Emaar Properties PJSC earnings may point to a wider recovery in the emirate.
The Dubai Financial Market General Index jumped 0.8% as Emaar advanced as much as 2.8%, the biggest gain on the gauge in point terms. Qatarâs main index rose 0.4%, even after the countryâs finance minister was ordered detained Thursday.
Growing confidence Gulf states are on the cusp of an economic rebound is stoking speculation that property developers will be the biggest beneficiaries. Emaar Properties, which is due to release earnings results in coming days, said last month first-quarter property sales more than doubled from the same period last year. Its malls unit on Sunday reported first-quarter net income that beat the average analyst estimate.