Pumping his fist into the Paris air, Sheikh Abdullah bin Zayed Al Nahyan, an Abu Dhabi royal, celebrated the award of the 2020 World Expo to Dubai. A Dubai counterpart returned the favor three weeks later, hailing Abu Dhabi’s role in securing the event.
Deyaar Development PJSC, the second- largest publicly traded property company in Dubai, gained to the highest in more than five years on growing investor confidence in the emirate’s real estate recovery.
National Bank of Kenya Ltd. will raise as much as 10 billion shillings ($119 million) in a rights offer to fund an expansion plan as it seeks to quadruple revenue by 2017, Managing Director Munir Sheikh Ahmed said.
Dubai, which needs to repay $20 billion to Abu Dhabi entities next year, will meet its obligations and isn’t negotiating with its neighbor to roll over the debt, the emirate’s top finance official said.
Dubai’s benchmark index rose to the highest in more than five years as real estate stocks extended the rally. Egyptian shares advanced as the president set a date for a referendum on the draft constitution.
Dubai’s government is considering issuing bonds again this year and selling stakes in its companies to the public as the real estate industry spurs an economic recovery, the emirate’s top finance official said.