Dubai stocks end higher in choppy trading

The DFM General Index gained 0.86% to reach 2,358.8 points on Sunday, following a rollercoaster trading session. As new property deals were announced in Dubai in recent days, real estate and construction shares fuelled the rebound. Arabtec as the most liquid shares added 0.93% to hit Dhs2.18. Union Propertied jumped 3.56% higher to close at Dhs0.611. Market bellwether Emaar Properties edged up 1.33%, finishing at Dhs5.34. O Saturday, Dubai-based Damac Properties (not listed) said it has awarded a contract worth Dhs1 billion ($227m) to Turkey’s TAV Tepe Akfen Investment construction and operations (Dubai branch) to build the mixed-used “DAMAC Towers by Paramount”. The towers, located in the Business Bay area adjacent to the 828 meters tall Burj Khalifa, the world’s tallest building, will harbour a luxury hotel and residence apartments. Bank Emirates NBD fell 0.21% to Dhs4.85, while Commercial Bank of Dubai dived 6.58% to Dhs3.69. Due to the ongoing uncertainty in the Syria crisis, more investors remained on the sidelines. Some 481m shares were traded, valued at Dhs564m.

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