Dubai – Mubasher: Emaar Properties’ stock rose on Wednesday to the highest level since December 2014.

The stock went up 0.24% to AED 8.8 by 12:55 pm UAE time, generating AED 17.67 million from the exchange of 2 million shares.

Emaar launched on Tuesday the sales of its residential units at Park Ridge near Dubai Hills Mall.

The developer’s stock is expected to continue rising to AED 8.9, after which it will target AED 9.1, technical analyst Ahmed El Mosalamy said.

Foreign traders are investing in the stock as Emaar has plans to launch an initial public offering (IPO) for its real estate business in the UAE, El Mosalamy noted.

In the meantime, the Dubai bourse slipped 0.05% or 1.67 points to reach 3,651.21 points.