Dubai Shares Climb Most in Two Weeks on Emaar Property Sale; Oil Advances

Dubai shares advanced the most in almost two weeks, leading gains in Persian Gulf markets, after real estate developer Emaar Properties PJSC said it raised $90 million from the sale of a property. Crude oil advanced.

Emaar, developer of the world’s tallest skyscraper in Dubai, gained the most in almost two weeks. Dubai Financial Market PJSC, the only stock market on the Arabian Peninsula to sell shares to the public, advanced 2.8 percent. Dubai’s DFM General Index climbed 0.6 percent, the most since Aug. 3, to 1,473.71 at the 2 p.m. close in the emirate. Qatar’s QE Index rose 0.3 percent and the Bloomberg GCC 200 Index slipped 0.2 percent at 3:48 p.m. in Dubai.

“Emaar is looking good,” said Hassan El Salah, deputy head of institutional equities at Al Ramz Securities LLC, an Abu Dhabi-based brokerage. “Gains are related to the sale of the commercial building. There’s more revenue to be recorded down the road from Burj Khalifa, which would have a smoothing effect on earnings.”

Emaar gained 1.3 percent, the most since Aug. 3, to 3.16 dirhams. Emaar said it sold a commercial property in the second quarter for 331.7 million dirhams ($90 million), without identifying the building or the buyer. The property near Burj Khalifa, the world’s tallest tower, houses the offices of HSBC Holdings Plc, The National reported today, citing people it didn’t identify.

The developer also sold Hamptons Group Ltd.’s Europe, U.K. and Asia operations to Countrywide Plc for 428.1 million dirhams, incurring a loss of 38.5 million dirhams. Emaar had a profit of 801.9 million dirhams in the second quarter after a loss of 1.28 billion dirhams a year earlier.

Dubai Financial Market rose the most since June 20 to 1.46 dirhams.

Oil Advances

Crude oil for September delivery climbed as much as 0.7 percent to $75.95 a barrel on the New York Mercantile Exchange. Oil last traded at $75.48 a barrel. The six nations of the Gulf Cooperation Council, including the United Arab Emirates and Saudi Arabia, supply about a fifth of the world’s oil.

The Islamic holy month of Ramadan, when Muslims fast from sunrise to sunset and business activity slows, began last week. About 37 million shares were traded in Dubai today, compared with a six-month daily average of 161 million.

Bahrain’s gauge increased 0.2 percent. Oman’s MSM30 Index fell 0.4 percent and the Kuwait Stock Exchange Index slipped 0.2 percent. Abu Dhabi’s benchmark climbed 0.3 percent, while Saudi Arabia’s Tadawul All Share Index declined 0.4 percent.