Google+ Followers

Monday, 22 March 2010

Dubai Shares Climb to 2-Month High on Debt Plan, Saudi Arabia

Dubai shares surged to the highest close since January on speculation Dubai World’s restructuring proposal will appease investors and after Saudi Arabia’s benchmark index rose.

Dubai Financial Market PJSC rose 6.3 percent as Al Khaleej reported shares listed on Nasdaq Dubai may trade on the exchange in a few weeks. Emaar Properties PJSC, the United Arab Emirates’ biggest developer, rose for a second day. Emirates NBD PJSC, the country’s largest bank by assets, gained the most in more than a month. The Dubai Financial Market General Index increased 2.8 percent to 1,774.43, the highest level since Jan. 11. The ADX General Index advanced 0.9 percent.

Dubai’s benchmark index has gained 11 percent this month as investors expect satisfactory repayment terms for state-owned holding company Dubai World’s $26 billion of debt. The company will announce a “fair” proposal “very soon,” Sheikh Ahmed Bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee, said in an interview last week.