Emaar Properties PJSC , the developer of the world's tallest skyscraper, jumped the most in more than four months after EFG-Hermes Holding raised the stock to buy from neutral and boosted its price estimate by 68 per cent. EFG-Hermes raised Emaar's 12-month price estimate to Dh10.1 from Dh6, implying a gain of 23 per cent from Tuesday's close. The Cairo -based investment bank has the third- highest price projection for the stock after Arqaam Capital Ltd's Dh12 and Aljazira Capital Co's Dh10.85, according to data compiled by Bloomberg . The company with the heaviest weighting on Dubai's benchmark surged 6.3 per cent, the most since September 10 , to Dh8.24 at the close in the emirate. More than 36 million shares changed hands, almost twice the three-month average volume. The DFM General Index added 3.2 per cent, making it the best performer among 94 global equity gauges tracked by Bloomberg . The emirate's index more than doubled last year as MSCI Inc promoted the UAE to emerging-market status. Dubai's property companies are benefiting from an economic recovery and a rebound in construction as the Arabian Gulf business hub prepares to host the World Expo in 2020, with about $8 billion in infrastructure spending planned. "Our bullish stance is underpinned by the MSCI inclusion and exuberance around Expo 2020," analysts Jan Pawel Hasman and Kareem Ghaly wrote in a research note on Tuesday. "Emaar represents a pure exposure for many investors who want to play these two themes and the increase in liquidity is supporting asset price appreciation." Emaar, which this month appointed Abdulla Lahej as group chief executive officer replacing Low Ping , has been rolling out new developments in Dubai as property demand climbs. The company plans to start the sale of Spanish-style villas next month. Chairman Mohamed Alabbar said in November that the "current environment" makes it a good time for the developer to consider spinning off its retail business into a separate company.
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