DUBAI: Dubai shares led regional gains on Sunday after the emirate announced a 20-year development plan that will see hotel capacity surge.
The Dubai Financial market was 1 percent higher in early trade amid a mixed performance across other bourses in the region.
Emaar Properties advanced 1.7 percent as investor attention turned toward the real estate and hospitality sector following the publication of its 2040 Urban Masterplan.
The plan has a heavy emphasis on the hospitality sector with the space allocated to hotels more than doubling and beach front increasing by some 400 percent.
.@HHShkMohd launches #Dubai 2040 Urban Master Plan. The #Dubai2040 plan aims to realise His Highness’s vision to make Dubai the world’s best city to live. pic.twitter.com/6y9bHs6kyt
— Dubai Media Office (@DXBMediaOffice) March 13, 2021
Shares in bourse operator Dubai Financial Market were among the biggest gainers on Sunday.
Earlier, Credit Suisse head of MENA research Fahd Iqbal told Bloomberg that the emirate could benefit from a rebound in some sectors.
“For us the areas to focus on in the Middle East are really the recovery plays, the cyclical areas,” he said. “Dubai stands head and shoulders above the rest as far as we are concerned in terms of that kind of opportunity. So we are certainly looking for a resumption of that uptrend.”
Saudi Arabia’s benchmark index gained 0.6 percent in early trade, led by financial stocks.
The Kingdom on Sunday introduced a number of labor market reforms allowing millions of workers to switch jobs more easily.