Stock markets in the United Arab Emirates closed on an up note this week, buoyed by shares in real estate sector in both Dubai and Abu Dhabi.

The Dubai benchmark stock index soared 4.79% to 4839.39 points, a fresh six year-high; its climax since August 2008, when property crunch hit the emirate in the wake of global financial meltdown.

“Property-related stocks were the main supporter to Dubai’s market this week, especially Emaar and Arabtec,” said Nedal Khouly, head of gulf research in Nemma Investment.

The real estate sector index soared 6.62%, with heavyweights Arabtec and Emaar gaining 13.82% and 3.96% in a row.

Shares in Emirates NBD, the biggest lender in Dubai by market value, soared 11% lifting the banking sector index 4.28%, while Dubai Islamic Bank soared 2.2%.

“We could see some profit-taking next week, but the uptrend phase will continue in the long term,” Khouly added.

National Industries was the best performer, gaining 16%, while Mazaya Holding was the worst, shedding 9.24%.

Turnover hit AED 10.96 billion, while volume stood at 4.65 billion shares.

Elsewhere, shares on the Abu Dhabi bourse kept rally alive this week, bolstered by shares in Aldar and First Gulf Bank.

ADX, the main benchmark stock index, soared 5.05% to 5171.9 points, its highest level since January 2006.

“First Gulf Bank and Aldar boosted the market in Abu Dhabi this week. Profit-taking likely to run its course next week, but this may be in the short-term,” said Nabil Hyder, head of gulf research in Al madina Investment.

The property sector index jumped 16.83% on the back of Aldar and Rak Properties, which gained 16.14% and 23% respectively.

The banking sector index climbed 5.25%, with heavyweights FGB and NBAD gaining 7.27% and 7.9% in a row.

Turnover came in AED 6.43 billion, through the trade of 2.85 billion shares.