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Dubai Shares Rise Most Since December on State-Guarantee Hopes


Dubai’s benchmark stock index climbed the most in three months, leading gains in Gulf markets, on bets the government will back Dubai World after an official said the government is “always behind” the company.
Shuaa Capital PSC, the biggest investment bank in the United Arab Emirates, and Dubai Financial Market PJSC, the only publicly traded Gulf Arab stock market, jumped the most in three months. Dubai Investments PJSC, the owner of stakes in more than 40 companies, climbed to the highest since January. The Dubai Financial Market General Index advanced 3.7 percent, the most since Dec. 14, to 1,746.6.
The government is “always behind” Dubai World and is separating “the bad business from the good business,” Sheikh Ahmed Bin Saeed al-Maktoum, chairman of Dubai Supreme Fiscal Committee, said in New Delhi on March 12. Some investors are interpreting those comments as a sign that Dubai’s troubles may be subsiding, said Tarek Zohny, a Dubai-based trader at EFG- Hermes Holding SAE.[Read More]