The value of shares traded on the Dubai Financial Market General Index hit Dh824.9 million yesterday, a level last seen in May 2010.
The index jumped 55 points to 1,754.2 to close up 3 per cent. The bourse has risen just shy of 30 per cent since the start of January.
Haissam Arabi, the chief executive at Gulfmena Investments in Dubai, said the trading was reminiscent of 2008.
"I haven't seen that kind of volume since 2008," he said. "It shows the momentum in the market among local retail investors, but also institutional money is starting to reposition by upping their weight in the UAE."
"Foreign investors are also coming back in," he said.
Mr Arabi said he saw the move as the beginning of a bull market cycle. "This is probably the first wave. The economy is getting back on its feet, and I expect to see high single-digit growth in the UAE."
Dubai's bull run is part of a global rally in equities as investors take heart from signs that Europe has stabilised its debt crisis and growth is returning to the US.
Positive global indicators are helping to buoy local optimism, with data from China and the US suggesting that the world's two biggest economies are on track to maintain or increase demand for oil and metals.
lmiller@thenational.ae
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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