Dubai shares rose the most in more than a week on optimism Dubai World is closer to resolving its debt restructuring after the state-owned holding company said it may raise as much as $19.4 billion by selling assets.
Emaar Properties PJSC, the developer of the world’s tallest skyscraper in Dubai, advanced the most in more than a month. Emirates NBD, the United Arab Emirates largest bank by assets, rose 1.2 percent. The DFM General Index climbed 0.9 percent, the most since Aug. 17, to 1,497.47 at the 2 p.m. close in Dubai, bringing the weekly gain to 0.4 percent. The Bloomberg GCC 200 Index increased 0.1 percent.
“News regarding Dubai World is being taken well by local investors and they are piling in to make a quick turn,” said Dubai-based Julian Bruce, director of equity sales at EFG-Hermes Holding SAE. “The reports are an indication of progress.”
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