[2008-06-17]  Dubai shares advance, led by Emaar and ENBD Discuss
Dubai stocks advanced for the first time in five days, led by Emaar Properties PJSC, the Middle Easts biggest publicly traded real-estate company. The Dubai Financial Market General Index rose 0.5 per cent to 5,660.94. The Abu Dhabi Securities Exchange General Index gained 0.7 per cent to 5,144.88.

Emaar added 0.9 per cent to 11.2 dirhams, snapping four days of losses. The real-estate company appointed Suresh Bhatia as chief executive officer of its retail unit. Bhatia will manage the leisure and entertainment component of The Dubai Mall and develop a new portfolio of brands in growth markets for Emaar Retail.

Emirates NBD PJSC, the United Arab Emirates biggest bank, rose 3 per cent to Dh12.1, ending two days of losses. In Abu Dhabi, First Gulf Bank PJSC, Abu Dhabis second-biggest bank by market value, gained 0.2 per cent to Dh26.95. The bank announced it started selling conventional and Islamic life insurance and savings plans to expand its range of consumer products.

In Saudi Arabia, the Tadawul All Share Index climbed 1 per cent to 9,782.19. The Doha Securities Market Index in Qatar advanced 0.5 per cent to 12,499.38. Saudi Basic Industries Corp., the worlds largest petrochemicals maker, gained 2.5 percent to 151.75 riyals. Sabic and the Saudi Arabian Mining Co., the state-owned metals producer known as Maaden, borrowed $2.76 billion to help finance a phosphate mine and fertilizer plant.

National Industrialisation Company, the Saudi petrochemical maker known as Tasnee, advanced 5.2 per cent to 40.5 riyals. The Muscat Securities Market 30 Index gained 0.1 per cent, following two days of declines. The Kuwait Stock Exchange Index added 0.3 per cent.

Source: Copyright © 2001 - 2008, K. Zughaibi & B. Kabbani General Partnership.