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Dubai Market Closes on a Seven Week High

Middle East : 12 March 2010

It is looking bright and sunny in Dubai’s markets this week as a very prominent company Emaar Properties closed on a seven week high which speculators say has been prompted by the news of Dubai World’s current debt restructuring deal.

The company’s shares rose by almost 3.56% making it their highest value since mid January. Investors have confirmed that this is largely due to a spike in bourse values which will significantly boost the company’s profits this year.

It has now been confirmed that Dubai’s Financial Market’s general Index has risen by 1.5% to 1,684 points making it the most significant jump since January 18 last. 17 stocks are recorded to have actually increased in value, eight declined and six remained stable.

Emirates NDB increased its share by close to 1.62% and Dubai Islamic Bank rose by almost .83%.

Prominent share holder Drake and Scull saw its share value surge by 3.5% after confirming new contracts believed to be worth Dh484 million.

The Abu Dhabi securities Exchange’s General Index reached its highest rate for over three months and Emirates Telecommunications Corporation was also in a much better position at the close of business.

While the overall outlook is now much more positive than feared it is agreed by most in the Financial sector that real progress cannot be initiated or sustained without the successful implementation of Dubai World’s debt restructuring package.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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