Dubai’s benchmark stock index climbed to the highest level in two weeks on optimism a bailout for Spain’s banks will help ease Europe’s debt crisis and as oil rose the most in five months.
Emaar Properties PJSC (EMAAR), the developer of the world’s tallest tower, was set for the highest close in almost two weeks. Deyaar Development (DEYAAR) PJSC, the developer controlled by Dubai Islamic Bank (DIB), climbed as much as 3.3 percent. The DFM General Index (DFMGI) advanced 0.9 percent to 1,480.84 at 11:48 a.m. in the emirate, bringing the gain in the past five days to 3.1 percent. The Bloomberg GCC 200 Index (BGCC200) was little changed and Qatar’s shares rose less than 0.1 percent.
Dubai, the second-largest of seven sheikhdoms that make up the United Arab Emirates, relies on foreign trade, tourism and property for growth. Spain requested as much as 100 billion euros ($126 billion) of bailout funds after weeks of escalating concern that bad loans at the nation’s banks might overwhelm public finances. Global stocks also surged after Chinese exports topped forecasts.
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