Dubai shares advanced the most in more than three weeks after Dubai Holding Commercial Operations Group LLC, a real estate and hospitality group, received a one- month extension to pay a $555 million loan.
Aramex PJSC, the United Arab Emirates-based courier company, jumped 1.5 percent and Dubai Islamic Bank PJSC, the biggest Shariah-compliant lender in the country, rose to the highest in more than a week. The DFM General Index gained 1.1 percent, the most since Nov. 9, to 1,687.92 at the 2 p.m. close in Dubai. U.A.E. markets will close tomorrow through Dec. 5 to mark the country’s National Day and an Islamic holiday.
“Positive sentiment prevailed in the market” prompted by “the smooth sailing of the debt restructuring of Dubai Holding,” said Nabil Farhat, partner at Abu Dhabi-based Al Fajer Securities. The emirate’s privatization plan also pushed up the index, Farhat said.
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