Dubai shares declined for a third time this week on concern about the details of Dubai World’s restructuring of $22 billion of debt when it releases a proposal to creditors next month.
Emaar Properties PJSC, the builder of the world’s tallest skyscraper in Dubai, fell the most since Feb. 14. Dubai Financial Market, the only Gulf Arab stock market to sell shares to the public, declined for a second day. The DFM General Index lost 0.2 percent, bringing its decline for the week to 3 percent. The ADX General Index increased 0.3 percent and Oman’s MSM30 Indexclimbed 0.8 percent to 6,795.17, the highest since November 2008.
“U.S. equities rallied the last couple of days and had a positive impact on the Gulf Cooperation Council overall, but Dubai seems to be quiet today as it awaits more news about Dubai World,” said Mohamed Abu Ghoush, head of equity brokerage at Al-Ahli Bank in Doha, Qatar. “The longer the repayment schedule will be, the more pressure on the Dubai index. How long it will take is the question.”
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