US-based index provider MSCI on Monday said it will include Dubai-based Damac Properties to its United Arab Emirates (UAE) Index on June 1.
The inclusion is part of MSCI’s semi-annual market reclassification.
The Dubai-listed developer, which recently disclosed its financial reports for the first quarter of 2017, saw its stock climb 4 percent yesterday following the MSCI update.
Meanwhile, Dubai's Gulf General Investment Co. (GGICO) will be deleted from MSCI's small-cap index and Qatar-based Gulf Warehousing will be added.
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