Dubai’s stock market hits an 8-year high, lifted by a real estate boom

DUBAI, United Arab Emirates (AP) — Buoyed by a surge in real estate activity, the Dubai Financial Market has reached its highest point in nearly eight years and extended year-to-date gains to nearly 25%. The city-state’s bourse peaked at 4,022 on Tuesday before pulling back to 3,986 on Thursday. That’s the highest level since August 2015. This year the Dubai Financial Market has outperformed the S&P 500, which is up nearly 20%, and the MSCI All Country World Index, a benchmark for global equities, which is up 16%. Dubai, a global business hub home to 3.5 million people, weathered the pandemic while keeping its vital tourism industry afloat. The latest real estate boom is driven in part by an influx of Russian investors following Moscow’s invasion of Ukraine.