Dubai’s benchmark index advanced to the highest level in a week on investor optimism about Dubai World’s debt talks and as two companies received contracts.
Drake & Scull International PJSC, the construction company, rose the most in more than a month after its Omani unit got two contracts and National Central Cooling Co. jumped the most in seven weeks as Asharq Al-Awsat reported the company got a contract in Saudi Arabia. Emirates NBD PJSC, one of the main creditors to Dubai World, gained the most in a week. The DFM General Index increased 0.3 percent to 1,742, the highest since April 27.
Dubai World, one of the emirate’s three main state-owned holding companies, and Nakheel PJSC are seeking to renegotiate borrowings of $24.8 billion. Creditors will respond in two weeks to the company’s debt proposal, Al Bayan reported today, citing a banker it didn’t identify. Dubai World and its creditors have reached preliminary agreements on all outstanding technical details, the newspaper said.
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