Major Contractor Win Adds Momentum to Dubai Stock Market Hike
The DFM, (Dubai Financial Market), witnessed a 10-month high on Wednesday 23rd September with growth as high as 11%. A significant part of the growth has been fuelled by international investor money, pointing to a resurgence in confidence in the Emirate and renewed belief amongst major global investors in Dubai’s growth potential.
UAE stock markets have recently been upgraded to ‘emerging market’ status by the FTSE group, which is a leading provider of stock indexes around the world. This is good news as stock index providers’ decisions can seriously affect the flows of cash into regional stock markets and can drive in-flow of investment from institutional funds.
A major contributor to the recent growth in value and confidence, is Arabtec Holding, which climbed to its highest point in 11 months following news that the Russian energy company Gazprom won final approval to commence development of what may well become Europe’s highest skyscraper. Arabtec will be the main contractor on the project.
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