ISTANBUL

Shares of UAE developer Emaar Properties surged more than 5% on Wednesday, helping lift Dubai’s main stock index as investors extended a rebound in Gulf equities despite ongoing regional tensions.

Emaar was among the strongest performers on the Dubai Financial Market, gaining about 5.2% during the session, while market data showed the share price at around 12.10 dirhams ($3.3).

The rally came as Dubai’s benchmark index rose 2.3%, also supported by sharp gains in Emirates NBD.

Emaar's stock price also surged by over 15.7% from Tuesday's low of 10.45 dirhams ($2.85).

The advance marked a further recovery for Emaar after several sessions of steep losses earlier this week, when the company’s shares had come under pressure along with broader UAE equities amid escalating conflict in the region. On Monday, Emaar led losses on the Dubai exchange as investor sentiment weakened sharply.

The latest gains suggest investors are selectively returning to heavyweight UAE property and banking stocks, supported by confidence in the country’s financial stability and domestic fundamentals.

Dubai stocks have been highly volatile in recent sessions as markets reacted to the fallout from the war in the Middle East, including attacks on critical infrastructure and uncertainty over regional trade and energy flows. Still, property counters such as Emaar and Aldar have helped lead the recent recovery in Gulf markets.