It is nearly five weeks since Dubai World announced that it had agreed terms with its creditors on a restructuring. In that time, the three markets of the United Arab Emirates have recovered ground.
From September 10, when the agreement was announced, to Tuesday’s close, the Dubai Financial Market index has risen 9.45 per cent and the Abu Dhabi General index has climbed 8.41 per cent.
The restructuring agreement has prompted a series of big UAE bond issues, including an announcement on Wednesday that Dubai Electricity and Water is returning to the debt markets. Dubai itself has carried out a sovereign issue, while Emaar, the high-profile developer and a leading stock on the DFM, has also tapped the capital markets.
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