Dubai shares rise for second time in a week

16/03/2010 - Dubai Investment News
Dubai shares rise for second time in a week

Posted by Neil King

Dubai's stock market rose for a second time this week – a sign that investor confidence in the emirate is growing.

Drake & Scull International, a Dubai-based construction company, rose to its highest intraday level in three months, Bloomberg reported.

The rise came as the company announced it was considering an acquisition.

Meanwhile, Emaar Properties, the developer of the world's tallest tower, Burj Khalifa, rose to its highest share value in more than two months, the news provider noted.

Drake & Scull rose 4.4 per cent to 0.94 dirham - its highest level since December 15th. The company is considering a purchase in Qatar and its board has approved setting up operations in Oman and Egypt.

Emaar gained 5 per cent to 3.81 dirhams, the highest since January 12th.

Sami Al Ansari, chief executive of Ishraq Gulf Real Estate, recently claimed that the United Arab Emirates' hotel sector is set to recover by the end of the year – a development which could further boost share values in Dubai.

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