Dubai’s shares rose the most in two weeks after Dubai International Capital LLC, an investment company owned by the emirate’s ruler, reached an agreement with creditors to restructure about $2.5 billion in debt.
Emirates NBD PJSC, the United Arab Emirates’ biggest bank, rose 3.1 percent, and Arabtec Holding Co., the biggest construction company in the U.A.E., advanced the most since Dec. 7. Dubai’s DFM General Index rose 0.8 percent to 1,651.37 as of 1:25 p.m. in the emirate. The Bloomberg GCC 200 Index of companies in the Persian Gulf dropped 0.1 percent. In Israel, the TA-25 Index rose 0.2 percent.
“Positive development over the weekend with DIC restructuring,” is pushing stocks higher, said Akram Annous, deputy fund manager at Al Mal Capital PSC in Dubai.
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