Emaar Properties Boosts Dubai Stock Market; Abu Dhabi Index Recovers

The UAE stock markets rose today, Friday, at closing with the Dubai index gaining momentum from an increase in Emaar Properties' leading share and its construction unit, Emaar Development. Emaar Properties and its construction unit reported a 42% and 43% increase in profits, respectively, during the first nine months of the year, attributed to higher retail sales and increased demand for real estate. The main index of Dubai advanced by 1%, supported by a 4.4% rise in Emaar Properties' shares and a 3.9% increase in Emaar Development's shares. Both the Dubai and Abu Dhabi indices recorded weekly gains of 1% and 0.4%, respectively, according to London Stock Exchange data. The Abu Dhabi index rose 0.2%, buoyed by a 4.9% jump in ADNOC Distribution's shares, while Alpha Dhabi Holding, owned by International Holding Company, saw its shares rise by 4.3%. Oil prices also surged by 1%, amid concerns over supply disruptions in the Middle East. Brent crude price increased by 1% or $0.83 to $80.84 per barrel as of 11:17 GMT.