Dubai shares rose the most in almost two weeks after the emirate’s ruler expressed optimism about the economy and as stocks rallied worldwide on speculation central banks will increase efforts to stimulate global economies.

Emaar Properties PJSC, the builder of the world’s tallest tower, gained to the highest in a week and Dubai Financial Market, the only publicly traded Persian Gulf Arab stock market operator, climbed 1.7 percent. The DFM General Index gained 0.9 percent, the biggest advance since Sept. 26, to 1,704.91 at the 2 p.m. close in the emirate.
“The U.S. and global markets’ rally yesterday” lifted stocks, said Saad al-Chalabi, an institutional trader at Al Ramz Securities LLC in Abu Dhabi.
Global stocks rallied with the MSCI World Index extending Tuesday’s 2 percent gain. The Bank of Japan unexpectedly cut interest rates on Oct. 5 and said it would buy as much as $60 billion of assets to keep the economy from faltering, increasing speculation that other central banks will take similar steps.
Dubai’s Ruler Sheikh Mohammed bin Rashid Al Maktoum said Tuesday “matters are back to normal” in the Persian Gulf’s trade and tourism hub after the global financial crisis. His comments were aired by Al Arabiya television.
Crude for November delivery traded at $82.87 a barrel, up 5 cents, in electronic trading on the New York Mercantile Exchange at 11:01 a.m. in London. It earlier climbed as much as 51 cents to $83.33 a barrel, the highest price since May 4. The six Persian Gulf Cooperation Council countries, including the United Arab Emirates, hold about 40 percent of global proven oil reserves.
-------------Dubai World
Dubai World, one of three main holding companies controlled by Sheikh Mohammed, said Sept. 10 that 99 percent of creditors agreed to alter the terms on $24.9 billion of debt. Dubai amassed $109 billion in debt to turn itself into a financial, logistics and tourism hub, with about $15.5 billion due this year, the International Monetary Fund estimates.
Emaar rose 0.8 percent to 3.79 dirhams. Dubai Financial Market jumped 1.7 percent to 1.80 dirhams.
Abu Dhabi’s gauge advanced 0.7 percent. Saudi Arabia’s Tadawul All Share Index increased 0.3 percent at 2:28 p.m. in Riyadh. Qatar’s QE Index added 0.6 percent and the Kuwait SE Price Index gained 0.1 percent. Bahrain’s measure and Oman’s MSM 30 Index were little changed.
(Source: Bloomberg)