Dubai shares climbed to the highest in two weeks after Reuters reported the emirate’s economy is performing better than expected bolstering appetite for local assets.
Emaar Properties PJSC, builder of the world’s tallest skyscraper in Dubai, gained to the highest in more than two weeks. Drake & Scull International PJSC, an engineering contractor for the real-estate industry, advanced for a fourth day. The DFM General Index gained 0.5 percent to 1,498.92 at 1:15 p.m. in Dubai. The Bloomberg GCC 200 Index of Gulf stocks rose 0.1 percent.
Dubai’s budget deficit this year may be lower than the 2 percent of gross domestic product forecast for 2010, Reuters reported yesterday, citing Dahi Khalfan Tamim, head of the government’s budget committee. Also, the director general of the emirate’s Department of Finance, Abdulrahman al-Saleh, said Dubai is keeping its options open for a sovereign bond sale, and is under no pressure to sell debt this year, Reuters reported.
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