Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Dubai Shares Rise to Highest This Month as IMF Lifts Outlook

Dubai shares increased to the highest level this month, leading gains in Gulf markets, as the International Monetary Fund raised its global growth forecast, oil gained and Drake & Scull International won a contract.

Dubai’s DFM General Index climbed 1.2 percent to 1,499.81, the highest since June 28, bringing the gain for the week to 2 percent. Drake & Scull increased a fourth time this week. Emaar Properties PJSC, developer of the world’s tallest tower, jumped 3.2 percent, pushing Dubai’s real-estate index to the highest this month. The Bloomberg GCC 200 Index added 0.3 percent.

An improved global outlook helped boost investor sentiment, said Saud Masud, a Dubai-based analyst at UBS AG. “Local markets are still searching for a catalyst.”

The IMF raised its global economic growth forecast for this year, reflecting a stronger-than-expected first half. The world economy will expand 4.6 percent in 2010, the biggest gain since 2007, compared with an April projection of 4.2 percent, the Washington-based fund said late yesterday. The MSCI World Index of developed nations climbed 0.8 percent at 4:43 p.m. in Dubai.

The IMF also warned that financial-market turmoil has increased the risks to the recovery. “Investors should sell into any strength till the dust clears up a bit both globally and locally,” Masud said.

Crude for August delivery advanced to the highest in a week, gaining as much as 1.4 percent to $75.10 a barrel in electronic trading on the New York Mercantile Exchange. The six nations of the Gulf Cooperation Council supply about a fifth of the world’s oil.

Drake & Scull

Drake & Scull increased 1.8 percent to 81.4 fils, the highest since June 22. The company won a 460-million dirham ($125 million) contract for works on the Information Technology and Communications Centre in Riyadh, Saudi Arabia.

Emaar climbed to 3.22 dirhams, the highest since June 27. The DFM Real Estate Index gained 2.6 percent.

Oman’s MSM30 Index and Abu Dhabi’s benchmark index rose 0.2 percent. The QE Index advanced 0.4 percent, Bahrain’s gauge climbed 0.3 percent, while the Kuwait Stock Exchange Index fell 0.3 percent. Saudi Arabia’s market was closed for the weekend.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.