Posted by Neil King
Dubai's stock market was one of the strongest performers in the Middle East yesterday (January 25th), as the index recorded its highest gains for three weeks.
Most indexes in the region rebounded following the announcement of a new bank plan by US president Barack Obama, Arab News reported.
Dubai was a standout performer as its stock market rose by 2.8 per cent to 1,614 points. Elsewhere, the Abu Dhabi index rose 0.3 per cent to 2,608 points.
DP World, part of Dubai World, rose 3.9 per cent after the operator issued a trading update and said it would list on the London Stock Exchange in the second quarter of this year.
The news provider added that forecasts remained cautious about stock market trading in the region in the coming months.
This week Mohammed Al Habbai, chief executive of Dubailand, told Emirates Business 24/7 that, despite the challenging global economic environment, 2009 was an exciting year for Dubailand that saw a wide range of residential, leisure and entertainment projects handed over to investors.