Dubai Shares Rise to Highest This Month as IMF Lifts Outlook - BusinessWeek

Dubai shares increased to the highest level this month, leading gains in Gulf markets, as the International Monetary Fund raised its global growth forecast, oil gained and Drake & Scull International won a contract.

Dubai’s DFM General Index climbed 1.2 percent to 1,499.81, the highest since June 28, bringing the gain for the week to 2 percent. Drake & Scull increased a fourth time this week. Emaar Properties PJSC, developer of the world’s tallest tower, jumped 3.2 percent, pushing Dubai’s real-estate index to the highest this month. The Bloomberg GCC 200 Index added 0.3 percent.

An improved global outlook helped boost investor sentiment, said Saud Masud, a Dubai-based analyst at UBS AG. “Local markets are still searching for a catalyst.”