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Developers, construction lift Dubai market

: Thursday, March 13 - 2014 @ 16:04

The Dubai Financial Market General Index (DFMGI) gained 1.15 per cent to reach 3,980.79 points on Thursday, March 13, ending a roller-coaster trading week, with most advances happening in the real estate sector. Union Properties was the most liquid share, closing 4.21 per cent higher at AED1.98.  Emaar added 1.05 per cent to reach AED8.66, while Arabtec Construction surged by 3.43 per cent to close at AED4.82.

Islamic developer Deyaar edged up by 4.42 per cent to AED1.18. Earlier in the day, Deyaar revealed that it has started the construction of its latest luxury project, The Atria, in Business Bay. The project, which Deyaar’s CEO, Saeed Al-Qatami, launched last week, is a twin-tower concept spanning 1.25 million square foot, and will comprise 350 serviced apartments and 219 residential units. Deyaar joined forces with international interior designer yoo Studio to deliver ‘branded residences’. The project is scheduled to be completed by the first half of 2017.

Banks, meanwhile, performed weakly. Emirates NBD and Ajman Bank both finished 3.10 per cent lower at AED7.80 and AED3.39, respectively.

Gérard Al-Fil

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Thursday, March 13- 2014 @ 16:04 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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