Investor’s hail Emaar upgrade
The Dubai Financial General Index DFMGI closed 1.26 per cent higher at 3,928.45 points on Thursday, February 6. Market bellwether Emaar Properties jumped by 4.67 per cent to AED8.30. Earlier in the day, Emaar said that the rating upgrade to BBB- from BB+ by Standard and Poor’s reflected the developer’s “sound performance of Emaar’s shopping mall and hospitality assets, and the successful launch and presale of high-margin developments in Dubai.” Emaar’s retail flagship Dubai Mall welcomed 75 million visitors in 2013, making it the biggest shopping mall in the world. On Wednesday, Emaar chairman Mohammed Alabbar rang the market opening bell to mark the dual listing of a AED1.84 billion ($500 million) sukuk by the global property developer issued in 2011 on NASDAQ Dubai.