As investors speculated that the opening of the world’s tallest tower Monday will boost earnings at Emaar Properties PJSC, Dubai’s benchmark index rose to the highest in two weeks, leading gains among Gulf markets.

The United Arab Emirates’ biggest real-estate company and developer of the Burj Dubai, Emaar, climbed to the highest since November. Arabtec Holding PJSC and Drake & Scull International PJSC, both contractors on the building, also advanced. Dubai’s DFM General Index increased 2.2 percent to 1,842.77, headed for the highest close since Dec. 17, at 12:45 p.m. on the first trading day of the year in the emirate. Abu Dhabi’s ADX General Index rose 1 percent.

Fadi Al Said, head of equities at ING Investment Management (Dubai) Ltd., said, “The opening of the Burj means that first-quarter 2010 results will be very strong as Emaar accounts for revenue when they hand over” properties.

He added that the opening of the tower is boosting sentiment among retail investors.

(article source: BusinessWeek, photo source: New York Daily News)