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Citigroup report boosts Dubai market

: Thursday, April 03 - 2014 @ 15:02

The Dubai bourse finished the week with the fifth gaining session in a row, as the Dubai Financial Market General Index (DMFGI) closed 0.92 per cent higher at 4,618.28 points on Thursday, April 3. Earlier in the day, Citigroup chief economist in the Mena region, Farouk Soussa, said: “We consider that Dubai is much more resilient to shocks than it was at the height of the previous cycle in mid-2008,” due to the more sound and liquid banking system, progress in deleveraging and smoothing debt maturities, and because real estate price increases have not yet led to a rise in construction and leverage. The shares of Deyaar Development – which recently launched the Atria complex, a stylish residential unit in Dubai’s business bay – topped the charts, ending up by 12 per cent at AED1.61. Deyaar, which held an extraordinary general assembly earlier today, said it delivered all 172 units of the Fairview Residency project near Burj Khalifa on Tuesday, April 1. Emaar added 0.50 per cent, hitting AED10.10.

Gérard Al-Fil

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Thursday, April 3- 2014 @ 15:02 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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