Dubai stock index closes at a five-year high

Dubai?s stock benchmark index closed at its highest in more than five years as the government announced regulations in the holiday home rental market that is expected to provide further boost to the strongly recovering real estate and tourism sectors.

The Dubai Financial Market (DFM) General Index closed 1.41 per cent higher to end at 3055.95, its best close since October 2008.

The most active stocks in terms of value traded included Emaar Properties, the company that has the biggest weight on the index and Arabetc, the region?s biggest construction company, a unit of which won a contract to build a $900 million hospital. Emaar jumped 3.07 per cent to Dh6.71 and Arabtec rose 1.52 per cent to Dh2.67.

The Department of Tourism and Commerce will start issuing short-term licences to landlords and investors who plan to rent out their furnished homes, according to state agency WAM.

via Dubai stock index closes at a five-year high |