Dubai’s shares rose to the highest in more than a month as global markets gained after European central banks moved to ease the region’s debt crisis and the United Arab Emirates increased wages for government employees.
Emaar Properties PJSC gained to the highest since September after two bankers said Dec. 1 the developer of the world’s tallest tower agreed on an $800 million Islamic loan that costs less than its sukuk. Arabtec Holding PJSC rose 2.7 percent, while Drake & Scull International climbed 4.4 percent. The DFM General Index added 2.2 percent to 1,409.88, the highest level since Oct. 31, at 11:55 a.m. in Dubai. Abu Dhabi’s gauge rose 1.2 percent. Markets in the U.A.E. were shut Dec. 1 for a public holiday.
European stocks posted their biggest weekly rally in three years as central banks cut the interest rate on dollar funding and China raised cash supply for its banks to speed up growth in the world’s second-largest economy. The Stoxx Europe 600 Index jumped 8.7 percent last week, the largest such advance since November 2008. The Standard & Poor’s 500 Index surged 7.4 percent, helped by American Thanksgiving retail sales.
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