Investors who bought Emaar Properties PJSC’s convertible bonds in the midst of Dubai’s real estate crisis three years ago are triggering an exchange that would generate returns of more than 70 percent.
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.
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.
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.
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 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.
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.
Prince Alwaleed bin Talal ’s bid to join with a partner to buy Zain’s holding in its Saudi unit may clear the way for Etisalat’s $12 billion offer for a majority stake in Kuwait’s biggest phone operator.
DP World Ltd. , the Dubai World- controlled company that operates ports from Europe to Asia, will seek investors’ approval to combine 20 shares into one before a dual listing on the London Stock Exchange.