Dubai shares rose to the highest in a week after Arabtec Holding Co. (ARTC) nominated to its board four executives of the Abu Dhabi company that raised its stake in the Dubai builder.
Arabtec, the United Arab Emirates’ biggest construction company, rose for the third time in four days. Dubai Islamic Bank PJSC (DIB), the U.A.E. biggest bank complying with Shariah rules, advanced 1.5 percent. The DFM General Index (DFMGI) climbed 0.4 percent to 1,678.74, the highest since April 5, at the 2 p.m. close in Dubai, trimming the drop this week to 0.5 percent. The Bloomberg GCC 200 Index (BGCC200) increased 0.2 percent.
Dubai-based Arabtec, a builder of the world’s tallest skyscraper, nominated Aabar Investments PJSC (AABAR)’s Chairman Khadem Alqubaisi and Chief Executive Officer Mohamed Al-Husseiny to its board. Abu Dhabi state-owned Aabar, which holds stakes in Daimler AG (DAI) and UniCredit SpA (UCG), raised its stake in Arabtec to 10.45 percent this year.
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