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Emaar Properties up 4%

by Conrad Egbert on Dec 16, 2009

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Emaar is developer of Jeddah Gate in Saudi Arabia.

Emaar Properties has climbed 4% taking its gains to 51% following positive speculation over last week’s merger call-off with three units of Dubai Holding, according to Reuters.

Deutsche Bank and Credit Suisse each upgraded their ratings for Emaar this week.

Union Properties and Dubai Financial Market added 1.4% and 2.1% respectively and the index climbed 1.7% to 1889 points.

Emirates NBD rallied for a third day since Abu Dhabi's bailout of Dubai eased fears over the lender's exposure to troubled conglomerate Dubai World, but most other active Dubai stocks retreated. Emirates NBD climbed 4.9%.

Earlier this month, Moody’s Investors Service downgraded three Dubai-based Banks including Emirates NBD, Mashreq Bank and Dubai Islamic Bank - which had been on review since August 2009.

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