Dubai shares rose for a second day Dubai International Capital

Dubai shares rose for a second day Dubai International Capital LLC, an investment company owned by the emirate's ruler, agreed with creditors to restructure about $ 2.5 billion. benchmark for Abu Dhabi won.

Arabtec Holding Co., the largest construction company in UAE, advanced from the 07 December and Dubai Islamic Bank PJSC, the largest Shariah-compliant lender in the country, gained the most since Dec. 1. Dubai DFM General Index rose to 0.9 percent before closing 0.1 percent to 1,641.15 at 2 pm in the emirate. Abu Dhabi index rose 0.3 percent, the most in more than a week. In Israel, the TA-25 Index added 0.2 percent to close at a record 1,308.73 in Tel Aviv.

"The positive development of the weekend with the restructuring DIC" pushed stocks higher, said Akram Annous, MENA strategist at Al Mal Capital PSC in Dubai. "It's another pending resolution of an issue related to the restructuring of the debt that must be punished by the economy of repair."

Dubai International said December 17 "title economic terms have been agreed in principle" with the coordinating committee of creditors representing the creditors of the company to alter the terms of the debt. Lenders get 2 percent interest for $ 2 billion loan and extend the maturities of six years, the company said. About $ 500 million of loans have maturities ranging from four years with a cash coupon of interest unchanged.

Borse Dubai Sale

Borse Dubai Ltd., the company that controls two of Dubai, the stock exchange, sold shares of Nasdaq OMX Group Inc. to help pay $ 1.1 billion of a $ 2,450,000,000 term loan. He raised 497 million U.S. dollars from the sale of 22.78 million shares in Nasdaq OMX and $ 175 million from the sale of 8,000,000 shares of Nasdaq OMX's Nomura Holdings Inc, the Dubai government office of the media said in an emailed statement on 16 December.

Moreover, Abu Dhabi offered $ 1.5 billion to buy 20 percent stake in the London Stock Exchange Group Plc owned by Borse Dubai, the Sunday Times reported, without saying where it got the information. The three stock exchanges in the UAE can be combined as part of the agreement, the report said.

"A change UAE market makes the most cost-effective, more unified foreign investors," said Al Mal Annous

London Stock Exchange spokesman Alastair Fairbrother and a spokesman for the Dubai Stock Exchange declined to comment when contacted by phone today.

Arabtec jumped 2.6 percent to 2 dirhams. Dubai Islamic gained 1.9 percent to 2.17 dirhams.

Government Bonds

Emaar Properties PJSC, the nation's largest developer, increased 0.6 percent to 3.57 dirhams, the highest since Dec. 14. The company said Dec. 16 it has identified "best and most viable" options for conversion of debt to capital of Amlak Finance PJSC.

Oman gauge rose 0.7 percent GCC 200 Index of companies in the Persian Gulf are less than 0.1 percent. Saudi Arabia's Tadawul All Share Index rose 0.2 percent. Kuwait Stock Exchange Index decreased less than 0.1 percent. Bahrain and Qatar markets were closed for a holiday.

Egypt's benchmark EGX 30 Index dropped for the third consecutive day, falling 0.3 percent.

In Israel, government bonds rose. The bond yields of 5 percent in 2020 due January Mimshal Shiklit fell 4 basis points to 4.66 percent, matching the lowest since Dec. 7. The shekel weakened 0.1 percent to 3,593 against the dollar on 17 December.