Dubai shares rose for a fourth day as European and Asian stocks advanced after better than expected earnings. Dubai’s market was buoyed by comments this week on the emirate’s debt situation.
Emaar Properties PJSC, the United Arab Emirates’ biggest property developer, and Dubai Islamic Bank PJSC led gains on the emirate’s exchange. The DFM General Index increased 1.1 percent to 2,192.41 at 12:52 p.m. in the emirate, poised for its highest close this month. The Kuwait Stock Exchange index slid 1.6 percent and Abu Dhabi declined 0.2 percent.
Dubai’s ruler Sheikh Mohammed Bin Rashid Al-Maktoum said Nov. 9 that the second part of a $20 billion bond program will be “well received”, and those who doubt the unity of Dubai and Abu Dhabi should “shut up.”
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