Dubai’s stock index rose the most in more than a month, led by property companies, as investors returned from a five-day holiday during which the U.S. resolved its budget standoff. Israeli shares advanced.
Qatar Petroleum and Just Falafel are leading companies in the Persian Gulf out of a four-year drought in initial public offerings, tapping demand that pushed Dubai’s equity index up the most in 2013 among major markets.
Dubai’s biggest brokerage plans to almost double staff over the next year, counting on growing demand for the emirate’s equities, as trading in the world’s most-volatile stock market climbs to a three-year high.
Arabtec Holding Co. rose the most in almost a week after the United Arab Emirates builder scrapped a plan to issue convertible bonds that had stoked concern among shareholders that their positions may be diluted.
Dubai stocks rallied to the highest level in more than three years as Emaar Properties PJSC’s new hotel project fueled bets revenue of the developer of the world’s tallest skyscraper will grow this year.
Dubai shares rose for a second time this week, adding to this month’s gain in Gulf markets, as the emirate raised $1.25 billion in a bond sale and emerging-market stocks climbed to the highest level since June 2008.
United Arab Emirates and Egypt shares are poised to attract overseas investors after Vanguard Group Inc., the largest U.S. mutual-fund provider, switched to FTSE Group from MSCI Inc., EFG-Hermes Holding SAE said.