Shares in Emaar Properties surged to their highest level in 65 months after the company regained an investment-grade credit rating on Wednesday for the first time since 2009.

Standard and Poor's raised its long-term rating of Emaar to BBB-minus, the lowest investment grade, from BB-plus.

"The credit story is catching up with the equity story," says Sanyalaksna Manibhandu, senior analyst at NBAD Securities.

Shares in Emaar rise 5.9 percent to 8.4 dirhams, the highest intra-day price since September 2008.

Manibhandu said the credit rating would help Emaar secure financing at a cheaper price than before, aiding its profit.

"Equity analysts will be more willing to re-rate Emaar, but we already knew the company manages its finances well - by making sure that it has enough financing before they launch their projects."

Dubai's benchmark rose 2.0 percent to 3,950 points, a new five-year high. - Reuters