United Arab Emirates shares surged the most in more than a year after the Abu Dhabi government provided $10 billion to Dubai to help pay debt, including the $4.1 billion needed for Nakheel PJSC’s bond maturing today.
Emaar Properties PJSC, the country’s biggest developer, climbed 15 percent, the most permitted by exchange rules. Emirates NBD PJSC, the U.A.E.’s largest lender, added the most since October. DP World Ltd., the Middle East’s biggest ports operator and a unit of Dubai World, advanced to the highest this month. First Gulf Bank PJSC jumped the most since May 2005.
The DFM General Index added 10 percent, the biggest intraday gain since October 2008, to 1,871.2 at 12:22 p.m. in the emirate. The measure had tumbled 19 percent since Dubai World on Nov. 25 sought a “standstill” agreement on its debt. The ADX General Index, in the neighboring sheikhdom of Abu Dhabi, rose 7.9 percent. The U.A.E. gauges had the biggest gains among global benchmarks tracked by Bloomberg.
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