• Home
• /
• Local business

Dubai Shares Advance on Bets Debt Terms will be Satisfactory

Emaar Properties PJSC, the developer of the world’s tallest skyscraper in Dubai, rose the most since March 16. Gulf Navigation Holding, a United Arab Emirates-based shipping and maritime services company, advanced the most in three weeks on a tanker agreement. The DFM General Index climbed 0.5 per cent to 1,726.43, bringing the gain for the
 week to 2.5 per cent.

“The market is anticipating a satisfactory resolution on Dubai World talks,” said Rabih Sultani, a fund manager at Duet Mena Ltd. in Dubai, a unit of Duet Group, which oversees $2.1 billion. “I expect the market to consolidate around these levels until we hear more.”

Dubai World will announce a “fair” proposal “very soon,” Shaikh Ahmed bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee, said in an interview on March 16.

The emirate isn’t likely to need more central bank aid, UAE central bank Governor Sultan bin Nasser Al Suwaidi said in an interview three days ago. Dubai World, one of the emirate’s three main state-owned business groups, said Nov. 25 it would seek to delay repaying debt until at least May 30. Dubai World will request permission from banks to delay loan repayments, three bankers familiar with negotiations said on March 8.

The company will present a restructuring proposal to its creditors after its advisers complete valuing the assets, a person close to the Dubai government said Feb. 17.

Emaar rose 1.1 per cent to 3.67 dirhams. Gulf Navigation jumped 3.3 per cent, the most since Feb. 24, to 0.62 dirham. The company agreed with Stolt-Nielsen SA to buy four 44,000 deadweight ton chemical vessels.

The Kuwait Stock Exchange Index lost less than 0.1 per cent. Oman’s MSM30 Index added 0.1 per cent and Bahrain’s measure rose 1.1 per cent, the most in almost a month. Qatar’s measure was unchanged and Saudi Arabia’s Tadawul All Share Index was closed for the weekend.—