Arabtec Holding Co.’s head of mergers and acquisitions, Shohidul Ahad-Choudhury, has been dismissed following the resignation of Chief Executive Officer Hasan Ismaik, a person familiar with the situation said.
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.
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’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.
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.
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.