Dubai Stocks Rally Most in Two Weeks, Led by Emaar on Outlook

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Dubai’s benchmark stock index rallied by the most in more than two weeks, led by Emaar Properties PJSC after its chairman said the company doesn’t need Dubai government help as its India unit planned a share sale.

Arabtec Holding Co., the United Arab Emirates’ biggest construction company, rallied 3.5 percent and Emaar, the developer of the world’s tallest tower in Dubai, jumped by the most in two weeks. The DFM General Index rose 2.5 percent, the most since March 25, to 1,809.12 as of 1:20 p.m. in the emirate. Saudi Arabia’s Tadawul All Share Index was little changed at 6,868.77, after yesterday closing at the highest level since Sept. 28, 2008.

“There is value in the region as a whole and definitely in the U.A.E,” said Ibrahim Masood, a Dubai-based fund manager at Mashreqbank PSC, who helps manage about $400 million. “Saudi was pretty strong yesterday, so that’s positive from a sentiment perspective. The first few earnings that have come out in the region have been interesting.”