Emaar lifts Dubai bourse as Abu Dhabi slips

Emaar Properties rose in early trade after a local newspaper report said the developer had sold a building in Dubai, helping the emirate's index ease away from Sunday's six-week low. Emaar climbed 1.6 per cent. The firm has sold a building in its Emaar Square project for $90.25 million to an undisclosed buyer, local media reported. Emirates NBD climbed 2.5 per cent as 5,000 shares change hands. Dubai Financial Market climbed 1.4 per cent. The index rose 0.6 per cent to 1,474 points, despite losers outnumbering gainers seven to four. The benchmark is down 18 per cent year to date.

"The UAE is attractive in terms of valuations, but the market is waiting for clarity about the debt problems of the Dubai government and that probably won't come until the third or fourth quarter," says Shakeel Sarwar, Sico investment bank head of asset management. Government-owned Dubai World is in negotiations with creditor banks to restructure $14.4bn of debts, while Dubai's debt burden is estimated at more than $100bn. Union Properties and Deyaar fell 0.7 and 0.8 per cent, extending declines since each reported a second-quarter loss. Abu Dhabi's index slipped 0.05 per cent to 2,484 points.