Dubai’s shares advanced for the first time in six days on speculation Emaar Properties PJSC (EMAAR) may agree to boost its 2011 dividend at a meeting with shareholders tomorrow and before the real-estate company reports earnings.
Emaar, developer of the world’s tallest building and expected to post a 37 percent gain in quarterly profit, advanced the most in almost three weeks. Aramex PJSC (ARMX), the Middle East’s largest logistics company, rallied 2.3 percent. The DFM General Index (DFMGI) climbed 0.7 percent, the first gain since April 12, to 1,650.20 at the 2 p.m. close in the emirate. The Bloomberg GCC 200 (BGCC200) Index added 0.1 percent at 1:34 p.m. in Riyadh.
Emaar, the company with the heaviest weighting on Dubai’s index, is scheduled to meet with shareholders at 4 p.m. tomorrow to discuss its proposal to pay a cash dividend of 10 fils for 2011, unchanged from 2010. Last year, Emaar abandoned a plan not to pay a dividend after a three-hour meeting between shareholders and executives.
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