Israel said that it had targeted 'Hamas terrorists' who were operating inside the mosque
Dubai Islamic Bank PJSC, the United Arab Emirates’ largest Islamic bank, and developer Emaar Properties PJSC gained. Arabtec Holding PJSC advanced the most in more than a week after it signed an accord with Dubai World’s Nakheel PJSC. The DFM General Index increased 0.4 percent to 1,691.71, paring the drop for the week to 1.6 percent. Nakheel’s bonds were little changed and the cost of insuring against losses on debt sold by Dubai’s government declined. Oil dropped 1.4 percent to $68.90 a barrel.
Dubai World will pay $4.4 billion of the loans in five years and the remaining $10 billion over eight years, the company said in an e-mailed statement today. Dubai’s government, which pledged $1.5 billion in March for the restructuring, will convert $8.9 billion of its loans to Dubai World into equity.
“The announcement should help relieve the overhang in the market,” said Rabih Sultani, a fund manager at Duet Mena Ltd. in Dubai. “Until the deal is agreed and more information emerges on the specifics of the payout, I would expect the reaction to remain somewhat muted against the backdrop of global market weakness.”
European stocks dropped, with the benchmark Stoxx Europe 600 Index falling 1.1 percent. The measure has lost 11 percent since this year’s peak on April 15 as Portuguese and Spanish credit-rating downgrades heightened concern Greece’s debt crisis will spread. Asian stocks fell to the lowest in eight months.
Nakheel’s $750 million fixed-rate Islamic bonds due in January were at 105.54 cents on the dollar, according to prices on Bloomberg. Dubai credit-default swaps declined 7 basis points to 463 from 470, according to prices provided by CMA DataVision. The cost of protecting Abu Dhabi’s debt against default declined 2 basis points to 110.5.
Dubai Islamic Bank climbed 0.5 percent to 2.23 dirhams. Emaar, one of the developers that helped start Dubai’s property boom, advanced 0.8 percent to 3.74 dirhams.
Arabtec increased 1.3 percent to 2.33 dirhams. The U.A.E.’s biggest construction company signed an accord for the payment of dues with Nakheel, Dubai World’s real-estate unit.
Abu Dhabi’s index rose 0.2 percent. Qatar’s gauge fell less than 0.1 percent, Oman’s Muscat Securities Market 30 Index dropped 0.4 percent and Kuwait’s gauge lost 0.2 percent. The Bahrain All Share Index declined 1.2 percent. Saudi Arabia’s market was closed for the weekend. —
Israel said that it had targeted 'Hamas terrorists' who were operating inside the mosque
The country's coffee shop industry is worth $400 million and is growing up to eight per cent a year
KT reader wants to know whether employers can be asked to add a clause on increments
Thousands marched in London, Paris, Rome, Manila, Cape Town; Protesters worry about spreading conflict
Temperatures in Abu Dhabi and Dubai will hit a high of 36℃
With eSIM activated on your watch, you can make calls, send text messages, and use data without needing to carry your phone
While foreign residents can own villas and apartments, they cannot own land
The three-day bike tour will take place on October 13, 19, and 26