Abu Dhabi Debt Speculation Spurs Dubai to World’s Biggest Gainer - Bloomberg:
"Dubai’s benchmark stock index rose the most since September on speculation the emirate reached an agreement with neighboring Abu Dhabi on $20 billion of debt.
The DFM General Index (DFMGI) jumped 3.6 percent, the most since Sept. 15, to 3,819.02 at the close in Dubai. The measure, which more than doubled last year, was the best performer among 90 benchmarks tracked by Bloomberg. Arabtec Holding Co. (ARTC), which helped build the world’s tallest tower, surged 9.8 percent, while Emirates NBD PJSC (EMIRATES), the sheikhdom’s biggest bank, rose to the highest since 2008. Abu Dhabi’s index gained 1.7 percent.
“The rumor is that Abu Dhabi has reached an arrangement with Dubai over the $20 billion payment,” Mohammed Ali Yasin, managing director of NBAD Securities LLC, said by phone today. The speculation is that Abu Dhabi “may not need to be paid back. Instead it may be turned into a supporting vehicle for Dubai,” he said."
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