Dubai shares rose to the highest in four months, leading a Middle East rally, after the emirate’s government was said to be planning a $1 billion bond sale and as global markets advanced, boosting investor confidence.
Gulf Finance House EC climbed to the highest in almost eight months as the investment company signed an agreement with a group of British investors for a partial sale of its stake in soccer club Leeds United.
Egypt shares slumped the most since November, leading a drop in Arab markets, after global stocks tumbled on concern Europe’s debt crisis will spread beyond Greece and slow the global economic recovery. Crude oil fell to $75 a barrel. Orascom Telecom Holding SAE lost the most this year as Algeria reiterated intentions to buy Orascom’s unit in the country, objecting to a proposed sale to MTN Group Ltd. Air Arabia PJSC dropped the most since March as profit declined. Egypt’s EGX plunged 5.1 percent, the biggest slump since Nov. 30, to 6,756 at the close in Cairo. Dubai’s DFM General Index declined 1.2 percent and Qatar’s QE Index fell 4 percent. Saudi’s benchmark rose 2.4 percent, paring yesterday’s losses.
Dubai named Sheikh Ahmed bin Saeed Al Maktoum, head of Emirates airline and uncle of the state’s ruler, as chairman of Dubai World in a board revamp a year after the company said it would halt loan repayments, roiling markets.