DUBAI, Sept. 16 (Xinhua) -- The Abu Dhabi stock market index ADXGI gained 0.74 percent on Sunday, while its sister market, the Dubai Financial Market General Index (DFMGI) fell to the lowest level since early 2016.
The Abu Dhabi equity market gauge ADXGI closed at a near four-year high at 4,970.92, driven by market telecom giant Etisalat (up 1.63 percent) and food and beverages firm Agthia (up 2.75 percent).
The Dubai market index DFMGI, on the other hand, fell by 1.27 percent to close at 2,774.09 to a near three-year low.
Earlier Sunday, Olivier Harnisch, chief executive officer of Dubai's hotel operator Emaar Hospitality said at the ongoing Hotel Show fair and exhibition that "business volatility is the new normal in Dubai" and that entities have to innovate with tech and improved service to increase margins.
Nevertheless, Harnisch remained optimistic for the Dubai hospitality market "as 150 hotel developments are currently in the pipeline in Dubai."
He also said Expo 2020, which is set to be held in Dubai from October 2020 to April 2021, is expected to be a catalyst for Dubai economy.
