Dubai shares rose for the first time in three days on bets European leaders will step up efforts to fight the region’s debt crisis and after a Dubai Holding LLC unit said it will meet a debt repayment in February.
Emaar Properties PJSC, the developer of the world’s tallest skyscraper, climbed 1.1 percent after tumbling 3.6 percent yesterday, while Drake & Scull International PJSC advanced for the second time this week. The DFM General Index gained 0.2 percent to 1,386.02 at 11:38 a.m. in Dubai, paring the drop for the year to 15 percent. The MSCI Emerging Markets Index jumped 1 percent.
German Finance Minister Wolfgang Schaeuble said Standard & Poor’s move to place 15 euro nations, including Germany and France, on review for possible credit downgrades will help force European leaders to ratchet up efforts to resolve the debt crisis at their summit in Brussels from Dec. 8 to 9. The ratings company said cuts would depend on the meeting’s outcome. The Euro STOXX 50 Future advanced 1.3 percent.
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