Amwal Al Ghad English - 2013-04-28 15:59:34
Dubai shares climbed to the highest in more than three years on bets economic growth in the emirate will accelerate, pushing its credit risk lower.
Dubai Islamic Bank PJSC (DIB), the emirate’s biggest bank complying with Muslim banking rules, surged to the highest in more than three years. Emaar Properties PJSC (EMAAR), the developer set to report results this week, rose to the strongest level since March. Drake & Scull International PJSC (DSI) soared the most in since December 2009. The Dubai Financial Market General Index (DFMGI) gained 1.6 percent to 2,108.63, the highest since November 2009.
Dubai, the second-biggest sheikhdom in the United Arab Emirates, is recovering from a property crash and a debt crisis helped by a rebound in the tourism, trade and retail industries. The economy is set to expand 4.6 percent, on average, between 2012 and 2015, more than twice the average growth in the prior four years, government forecasts show. More»