Dubai shares climb to highest level in two months

11/03/2010 - Dubai Investment News
Dubai shares climb to highest level in two months

Posted by Neil King

Shares in Dubai climbed to their highest level in two months this week.
According to Bloomberg, the dramatic increase was down to speculation that Dubai World was in talks to renegotiate its $26 billion worth of debt.

The news provider claimed that investors in the city-state were buoyed by the fact that a new deal could result in better repayment terms.

Meanwhile, other major players, including Emaar Properites, which is behind the world's tallest skyscraper, the Burj Khalifa, climbed to its strongest position since January.

Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital, told the news provider that investors expect the Dubai World terms to be "more benign than first feared".

"This would be positive for sentiment and positive for volumes. Investors can put this matter behind them, and focus once again on fundamentals," he added.

Meanwhile, Sami Al Ansari, chief executive of Ishraq Gulf Real Estate, recently claimed that the United Arab Emirates' hotel sector is set to recover by the end of the year - which could further boost share values in Dubai.ADNFCR-2019-ID-19664611-ADNFCR