Dubai Shares Climb to Three-Month High on Emaar; Qatar Advances - Bloomberg

Dubai Shares Climb to Three-Month High on Emaar; Qatar Advances - Bloomberg:



"Dubai stocks rallied to the strongest level since June on Emaar Properties PJSC (EMAAR)’s plan to sell at least 15 percent of its malls unit in a public offering next month. Shares in Qatar also increased.



The Dubai Financial Market General Index (DFMGI) rose 2.7 percent to close at 5,062.96, the highest level since June 5. The gauge has added 4.8 percent this month. Emaar, which accounts for about 21 percent of the index, advanced 8.8 percent to the highest since February 2008. Qatar’s QE Index gained 1.1 percent to 13,596.66.



The developer of the world’s tallest tower plans to sell shares in Emaar Malls Group in September, and list them in October, according to a spokesman who asked not to be identified citing company policy. About 5.3 billion dirhams ($1.4 billion) of proceeds from the stake sale will be used for dividend payments, the developer said in a statement on the bourse’s website. At least 10 percent of the shares will be allocated to Emaar shareholders as of Sept. 10, it said. Emaar in March said it would sell as much as 25 percent of the unit."



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