Dubai shares advanced for a second day as Nakheel PJSC, the developer of palm-shaped islands off the city’s coast, said it received funds from the Dubai government to repay Islamic bonds maturing in January.
Emaar Properties PJSC, the United Arab Emirates biggest property developer, rose to the highest in more than a week. Drake & Scull International, the Dubai-based engineering contractor for the real-estate industry, gained for a fourth day. The DFM General Index advanced 0.5 percent to 1,630.53 at 12:41 p.m. in the emirate. The measure retreated 9.7 percent this year and is headed for its worst annual performance since 2008.
“We are seeing support from the government side, and that gives confidence to investors,” said Abdel-Rahman Kharma, senior equity trader at Naeem Brokerage in Dubai. “That added to the positive sentiment towards the Nakheel situation.”
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