Dubai shares advanced the most in almost two weeks, leading gains in Persian Gulf markets, after real estate developer Emaar Properties PJSC said it raised $90 million from the sale of a property. Crude oil advanced.
Emaar, developer of the world’s tallest skyscraper in Dubai, gained the most in almost two weeks. Dubai Financial Market PJSC, the only stock market on the Arabian Peninsula to sell shares to the public, advanced 2.8 percent. Dubai’s DFM General Index climbed 0.6 percent, the most since Aug. 3, to 1,473.71 at the 2 p.m. close in the emirate. Qatar’s QE Index rose 0.3 percent and the Bloomberg GCC 200 Index slipped 0.2 percent at 3:48 p.m. in Dubai.
“Emaar is looking good,” said Hassan El Salah, deputy head of institutional equities at Al Ramz Securities LLC, an Abu Dhabi-based brokerage. “Gains are related to the sale of the commercial building. There’s more revenue to be recorded down the road from Burj Khalifa, which would have a smoothing effect on earnings.”
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