Dubai’s shares surged the most in almost a year on investor confidence debt-burdened companies in the emirate will meet payment obligations without government support and as quarterly earnings beat estimates.
Emaar Properties PJSC (EMAAR), developer of the world’s tallest skyscraper whose fourth-quarter profit topped expectations last week, advanced the most in almost a month.
Dubai Islamic Bank PJSC (DIB), the United Arab Emirates’ biggest lender complying with Shariah rules, rallied 3.3 percent. Dubai’s DFM General Index (DFMGI) advanced 3.6 percent, the most since March 13, to 1,571.09 at the 2 p.m. close in the emirate. The Bloomberg GCC 200 (BGCC200) Index rose 0.8 percent.
There has been “increasing positive sentiment with Dubai entities saying debt will be repaid without government assistance,” said Julian Bruce, director of institutional sales trading at EFG-Hermes Holding SAE in Dubai. With “full-year earnings looking much more healthy and some companies recommencing dividend payments,” trading volume has also improved, he said.
QIIC bags two awards
Qatar Islamic Insurance Company (QIIC) was awarded the “Family Takaful Company of the Year” and “General Takaful Company of the Year” at the 1st Middle East Insurance Industry Awards 2014 held recent
Muscat to host Asset Integrity Management Summit
Petroleum Development Oman and Shell Development Oman will host the 10th Annual Asset Integrity Management Summit taking place from March 1-4, 2015 in Muscat. The event has been taking place for two