Dubai shares rise after Sheikh Mohammed assures investors

Dubai shares rise after Sheikh Mohammed assures investors

Shares on the Dubai Financial Market (DFM) climbed for a third day after Dubai's Ruler, Sheikh Mohammed bin Rashid al-Maktoum, assured investors...

November 10, 2009 2:36 by Dana El Baltaji

Shares on the Dubai Financial Market (DFM) climbed for a third day after Dubai’s Ruler, Sheikh Mohammed bin Rashid al-Maktoum, assured investors the nation’s upcoming debt offering will be “well received,” reports Bloomberg.

The DFM, the only exchange to sell shares to investors, rose 2.2 percent to AED2.33, while Emaar Properties gained 2.9 percent to AED4.33, its highest level in approximately two weeks. The DFM General Index rose 0.7 percent to 2,169.72.

“This is a natural reaction to the sheikh’s speech yesterday to international investors, which reassured them about Dubai being able to repay its debts,” said Yazan Abdeen, a fund manager at ING Investment Management Dubai Ltd.

Sheikh Mohammed said Dubai’s second half of a $20 billion fund would be “well received” and will help the emirate fulfill its financial obligations.