Dubai Shares Gain Most in Three Months

Dubai’s stock market rose to its highest level in three months on Monday as the city-state said it would support Dubai World’s $24.8 billion debt restructuring. Dubai World is the sovereign wealth fund of Dubai.
Dubai Shares Gain Most in Three Months
Sheikh Zayed road in Dubai on March 25. (Karim Sahib/AFP/Getty Images )
3/29/2010
Updated:
3/29/2010
<a href="https://www.theepochtimes.com/assets/uploads/2015/07/dubai-98036188_medium.jpg"><img src="https://www.theepochtimes.com/assets/uploads/2015/07/dubai-98036188_medium.jpg" alt="Sheikh Zayed road in Dubai on March 25. (Karim Sahib/AFP/Getty Images )" title="Sheikh Zayed road in Dubai on March 25. (Karim Sahib/AFP/Getty Images )" width="300" class="size-medium wp-image-65224"/></a>
Sheikh Zayed road in Dubai on March 25. (Karim Sahib/AFP/Getty Images )

Dubai’s stock market rose to its highest level in three months on Monday as the city-state said it would support Dubai World’s $24.8 billion debt restructuring. Dubai World is the sovereign wealth fund of Dubai.

Last week, the company announced that it would redeem $9 billion of its debt at par, in exchange for two tranches of new debt with five to eight-year maturities.

“Institutional investors who have been significantly underweight the U.A.E are most likely to increase their weighting in the market,” Yong Wei Lee, senior fund manager at Emirates NBD Asset Management, said in a Bloomberg report.