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Thu 3 Apr 2014 12:19 PM

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Dubai's Deyaar surges ahead of foreign ownership vote

Non-Gulf foreign investors could soon be allowed to buy up to 25 percent of its shares

Dubai's Deyaar surges ahead of foreign ownership vote

Dubai developer Deyaar jumps ahead of a shareholder vote on allowing non-Gulf foreign investors to buy up to 25 percent of its shares.

The stock gains 9 percent to AED1.57 ($0.42) on strong volume, helping the bourse index add 0.9 percent.

According to bourse data, Deyaar currently allows only investors from the Gulf Cooperation Council countries to buy its stock.

Analysts say Deyaar, which has yet to recover to its mid-2008 levels, is one of the stocks offering investors a way to profit from Dubai's rising property prices.

Larger developer Emaar Properties, which is up 1.5 percent at AED10.2 on Thursday, already trades above the levels seen in September 2008 when local stocks tumbled in the wake of the global financial crisis.

Another local developer, Union Properties, gains 2.7 percent and contractor Arabtec Holding adds 1.3 percent.

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