Dubai's market extended its recent gains as international markets rallied in early trading, while an auction of foreclosed properties prompted a rally among stocks in the real estate sector.
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The Dubai Financial Market General Index rose 0.5 per cent to 1390.11, while the Abu Dhabi Securities Exchange General Index was flat at 2451.56.
Globally-exposed property stocks, such as Emaar Properties, Arabtec and Drake & Scull International led the gains on the Dubai market.
Their rise follows the first successful bulk auction of foreclosed properties since Dubai's property bubble burst, which industry experts believe will help reboot the flagging UAE real estate sector.
Asian stocks made gains in the early hours of the morning, with the Hang Seng Index rising 0.9 per cent to 19,117.40. Japan's Nikkei 225 index gained 1.7 per cent to 8,722.17.
There is only one week to go until index provider MSCI issues its decision on whether to reclassify the UAE and Qatar to "emerging market" status, a move which is expected to bring in large numbers of international buyers to the UAE's market.
In the capital, telecoms giant Etisalat was the only mover, gaining 0.2 per cent to Dh9.71 per share.
Oil prices were sludgy in early trading, with Brent crude futures gaining 16 cents to $110.97 per barrel.
ghunter@thenational.ae
COMPANY%20PROFILE
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Who is Tim-Berners Lee?
Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.
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