Dubai’s benchmark stock index rose for a ninth day in its longest winning streak in more than two years on investor optimism the emirate is recovering from a property crash and restructuring debt. Abu Dhabi’s gauge gained.
Emirates Telecommunications Corp, the United Arab Emirates’ biggest phone company, plans to soon enter Sudan’s mobile-phone market, Al Bayan reported, citing Jamal al- Jarwan , chief executive officer for international investment.
Amlak Finance PJSC’s debt was reduced by 4 billion dirhams ($1.1 billion) after the lender sold land and reached agreements with some creditors, Al Bayan reported, citing Sultan Bin Saeed al-Mansouri, the United Arab Emirates’ economy minister.
Sorouh Real Estate Co. and Tamouh, property developers building on Abu Dhabi’s Al Reem Island, will start handing keys to homebuyers in the middle of this month, Al Bayan reported, citing unidentified buyers.
Nakheel PJSC, the Dubai World-owned property company seeking to restructure $10.5 billion of debt, restarted work on projects that have been put on hold, Al Bayan reported, citing people it did not identify.
The United Arab Emirates central bank is considering a mortgage law that would stipulate real- estate records, guarantees and a dispute resolution mechanism, Al Bayan reported, citing Central Bank governor Sultan Bin Nasser Al-Suwaidi.
Abu Dhabi National Oil Co., or Adnoc, will raise gas supply to customers 75 percent by early 2015, when the Habshan-Maqta-Taweelah pipeline is completed, Al Bayan reported, citing Mohammed Sahoo, the chief executive officer of Abu Dhabi Gas Industries Co., an Adnoc unit.