Dubai Shares Rise as Suwaidi Says Emirate May Not Need More Aid

* username: rupertbu

Dubai shares rose to the highest in two months as the United Arab Emirates’ central bank governor said the sheikhdom may not need more aid from the bank and a Dubai World restructuring plan will be discussed “very soon.”

Drake & Scull International PJSC, a Dubai-based construction company, advanced to a three-month high as it said it was considering an acquisition. Emaar Properties PJSC, the developer of the world’s tallest skyscraper in Dubai, climbed to a two-month high. The DFM General Index jumped 2.1 percent to 1,758.17, the highest level since Jan. 12.

U.A.E. Central Bank Governor Sultan bin Nasser al-Suwaidi said yesterday Dubai isn’t likely to need more central bank aid as Dubai World, one of its companies, restructures $26 billion in debt. “They haven’t discussed this issue with us and I don’t think it will be necessary,” al-Suwaidi said in response to questions on whether Dubai would need further federal support. The proposal will be discussed with banks “very soon,” he said.