Bloomberg the Company & Products

Bloomberg Anywhere Login


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

Dubai Shares Surge Most in World as Trading Soars on Economy

May 14 (Bloomberg) -- Dubai’s benchmark stock index jumped to the highest since October 2009 and the value of shares traded soared as a property recovery and debt restructurings lured investors. Abu Dhabi’s measure also rose.

The DFM General Index climbed 2.7 percent to 2,255.19 at the close in the emirate. The gauge has surged 23 percent this quarter, making it the best-performing in the period and today among 94 gauges tracked globally. The value of shares traded reached 1.1 billion dirhams ($299 million), the highest since March 2010, according to data compiled by Bloomberg. Dubai Islamic Bank PJSC, the United Arab Emirates’ largest Shariah-compliant lender, advanced the most this month. Emaar Properties PJSC gained to the highest since October 2008.

Banks and property companies in Dubai, which is recovering from the 2008 property crash, are rallying after Dubai Group LLC, an investment company owned by Dubai’s ruler, agreed this month on final terms with its main creditors to restructure $6 billion. The average price of a mid-range villa in Dubai increased 44 percent in the year to April to the highest since November 2008, according to Cluttons LLC data on Bloomberg.

“The index has caught fire this year as investors remain confident in the emirate’s real estate and banking outlook,” said Gus Chehayeb, director of Middle East and North Africa research at investment bank Exotix Ltd. “Local retail investors also seem to have finally woken up and shaken off the losses they suffered from 2008 to 2011.”


Dubai’s economy is set to expand 4.6 percent, on average, between 2012 and 2015, more than twice the growth of the previous four years, according to government forecasts. The emirate’s benchmark stock index tumbled 72 percent in 2008.

DIB gained 5.8 percent to 3.11 dirhams as 87 million shares traded, or 6.4 times the three-month daily average. The stock is up 54 percent this quarter. Emirates NBD PJSC, one of the biggest lenders to Dubai Group, rose 4.7 percent, taking the gain for the year to 96 percent.

Emaar, the developer of the world’s tallest building, rose 3.1 percent to 5.72 dirhams. Air Arabia PJSC, the Middle East’s biggest discount airline, increased 0.9 percent after first-quarter profit jumped to 59 million dirhams from 49 million dirhams.

Abu Dhabi’s ADX General Index rose 1.8 percent to the highest level since October 2008 led by First Gulf Bank PJSC, which advanced 2.4 percent.

Dana Gas PJSC jumped 5.3 percent to 60 fils, the highest close since August 2011 after the oil and natural gas producer said net income increased 17 percent.

Related News and Information: Dubai Group Said to Have Independent Board After $6 Billion Deal

NSN MMIW9Z6TTDT9 <GO> Emaar Desert Homes Send Yield Toward Record Low: Islamic Finance

To contact the reporter on this story: Sherine El Madany in Dubai at

To contact the editor responsible for this story: Claudia Maedler at

Please upgrade your Browser

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

Chrome, Firefox, Safari, Opera or Internet Explorer.