Friday 11 December 2009

Dubai rebounds after merger called off

The Dubai stock market bounced back on Thursday after Emaar, a leading real estate developer said that it was breaking off talks to merge with three weaker competitors.

Emaar, 32 per cent owned by the government of Dubai and the developer of Burj Dubai, the world’s tallest building, is a bellwether stock of the Dubai Financial Market. Its shares surged 15 per cent to hit their maximum daily limit while Arabtec, a major contractor, also gained strongly.

The Dubai market, which has been hard hit by worries over the emirate’s debts, gained 7 per cent to close at 1,641 points.

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