Dubai’s government redeemed 3.3 billion dirhams ($898 million) of bonds due in April and said it was committed to repay obligations on time as it faces what Moody’s Investors Service described as a “debt wall” in 2014.
Drake & Scull International PJSC rose to the highest level in eight months amid speculation builder Arabtec Holding Co. may buy a stake in the company, a prospect denied this month by Arabtec’s chief executive officer.
Qatar’s benchmark stock index fell the most in more than a year after Qatar Gas Transport Co.’s earnings missed estimates and as investors freed up funds for the share sale of Doha Global Investment. Egypt’s EGX 30 rose.
Egypt plans energy-subsidy reforms in two phases, the first to be implemented before an International Monetary Fund delegation arrives at the end of the month for talks on a $4.8 billion loan, Al Mal reported, citing an unidentified person with knowledge of the matter.
Egypt’s government is working on an economic program that aims to reduce the country’s budget deficit by one percentage point a year, Ahsraf el-Arabi, the minister for planning and international cooperation, told the financial daily al-Mal.