After Emaar Properties posted a triple increase in quarterly profit, it helped Dubai’s share indices to close at the highest level in the last week. The company has the maximum weightage in the share market. The index was further boosted by rising oil prices which moved to $ 85 per barrel.

Emaar’s shares gained the maximum in the last two weeks. Dubai Islamic Bank PJSC, which is the region’s biggest Islamic lender increased by 3.1%. 

Financial analysts have declared that Emaar’s earnings beat forecasts and they term the stock to be a great buy at current levels. They stress that the share is a good long term bet and can be purchased by investors with cash and keep it as a long term investment option.

The continued uptrend in global markets and commodity prices helped push Saudi and Dubai’s market upwards. The prices of crude oil also increased 1.7% to settle at 85.12 per barrel as per figures with New York Mercantile Exchange.

Saudi Arabia holds around 20% of the proven global oil reserves. If the prices of oil increase, this helps the country as it is one of the largest producer and exporter of oil. The rise in oil prices has a rebounding impact on the economy of Saudi Arabia.