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Dubai developers gain on EC Harris report

August 18, 2014 4:52 pm

The Dubai stock market index DFMGI advanced by 0.74 per cent to hit 4,825.60 points on Monday, August 18. Emaar and Union Properties, the first and second developers in Dubai, gained 1.50 per cent and one per cent, respectively. Aman Insurance lost the most, ending off 2.30 per cent at AED0.904.

Earlier in the day, research firm and consultancy EC Harris said in a report, the UAE real estate market would remain on a strong growth track due to new mega projects entering the market.

The volume of announced and planned projects in the UAE in 2014 is expected to be valued at US$ 315 billion, and as of May 2014, US$ 212 billion worth of construction projects are currently under construction.

“The UAE has experienced a shifting momentum of activity over the past decade with 2009 onwards being difficult years for the market. The dynamic has changed from a period of negative to low inflation over the last few years to a period of moderate increase,” said Christopher Seymour, partner and head of property and social infrastructure at EC Harris.

Gérard Al-Fil