MIDEAST STOCKS-Property, banks lift UAE bourses after Dubai debt rollover | Reuters:
"* Rollover was expected but is positive signal on UAE policy
* Dubai's Emaar retests chart resistance
* Qatar boosted by Gulf International Services
* Mesaieed Petrochemical falls after publishing first results
* Kuwait's Noor Financial drops as Pakistan deal blocked
By Olzhas Auyezov
DUBAI, March 17 (Reuters) - Property and banking shares lifted stock markets in the United Arab Emirates on Monday after Dubai obtained a roll-over of $20 billion of debt. Other markets in the region were mixed as uncertainty over the Ukraine crisis continued to prompt profit-taking by some retail investors.
Abu Dhabi and the central bank of the United Arab Emirates said on Sunday that they had agreed to extend for five years $20 billion of loans which were provided to the Dubai government as emergency aid during its financial crisis, and were due to mature this year in two tranches.
The roll-over had been widely expected, but it was still good news for Dubai, and Abu Dhabi's decision to deal with both tranches at once - rather than waiting until each one matured - appeared to suggest a determination to clear obstacles to growth in the UAE."
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