Emaar share surge hits daily limit post $10bn deal

Emaar Properties, developer of the Burj Dubai, had its share price make the maximum daily gain on Dubai's financial market.

Emaar Properties has jumped 15%, the maximum daily limit, following Abu Dhabi’s announcement that it will help Dubai World meet its debt obligations with a US $10 billion (AED36.7 billion) support package, according to Reuters.

The announcement has had a positive impact across the region with banks being the biggest gainers.

Abu Dhabi Commercial Bank also rose 9.7%. It had fallen 31% after a senior executive from the bank claimed it had more than $2 billion of exposure to Dubai World.

Neighbouring Oman also saw its banks surge in reaction to the announcement. Earlier this month, Oman's top banks said they had a total exposure of $77 million to Dubai World, which on November 25 asked for a debt standstill as it tries to restructure $26 billion of debts. The Qatar's index also rose.

Last week, Dubai's index slumped to a 21-week low as panicking investors dumped stocks in the absence of any firm news on Dubai World's debt restructuring.

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Emaar Properties, Dubai Islamic Bank and Arabtec all plunged more than 9.8%, while the National Bank of Abu Dhabi fell 6.3%. Saudi Arabia's index slumped to a 12-week low and Bahrain's measure slumped to a two-year closing low.

Qatar's benchmark ended lower for the first session in five while Oman's index slumped to a 15-week closing low.