Dubai’s benchmark stock index rose to the highest in more than three months after Dubai World received approval from creditors to change the terms on $24.9 billion of debt payments.
Emirates NBD PJSC, the United Arab Emirates’ biggest bank and one of Dubai World’s main lenders, jumped the most in more than two years. Emaar Properties PJSC, the developer of the world’s tallest skyscraper, gained for a sixth day. The DFM General Index advanced 2.4 percent to 1,630.85, the highest close since May 24. The measure has gained 9.9 percent in September. Credit-default swaps tied to Dubai narrowed.
“Investors like the certainty that the deal brings,” said Dubai-based Tariq Qaqish who helps manage around $100 million at Al Mal Capital PSC. “Now they will be able to better predict issues with provisioning levels or earnings going forward.”
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