U.A.E. Shares Advance After 10-Day Holiday; Emaar, Taqa Rise

By Arif Sharif

Dec. 11 (Bloomberg) -- United Arab Emirates shares gained as the stock exchanges opened after a 10-day holiday for National Day and the Eid al-Adha.

Emaar Properties PJSC, the Middle East’s biggest publicly traded real-estate developer, advanced. Abu Dhabi National Energy Co. gained for the first time this month after it formed a joined venture. Arabtec Holding PJSC rose for a sixth day.

The Dubai Financial Market General Index rose 0.4 percent to 1,983.5 at 10:55 a.m. local time. The Abu Dhabi Securities Exchange General Index climbed 1.8 percent.

U.A.E. markets opened for the first time since Dec. 1, while Bahrain’s bourse resumes trading after a three-day holiday. Kuwait’s and Oman’s bourse remain shut and Saudi Arabia’s bourse is closed for the weekend.

Emaar rose 2 percent to 3.04 dirhams. Abu Dhabi National Energy, the state-owned energy company known as Taqa, gained 3.2 percent to 1.3 dirhams. Taqa formed a joint venture to invest in U.S. energy companies with RBS Sempra Commodities.

Arabtec added 1.3 percent to 4.63 dirhams. The U.A.E.’s biggest publicly traded construction company expects its more than 43 billion-dirham ($11.7 billion) order book to help it cushion the impact the slump in Dubai’s property industry.

Emirates Telecommunications Corp., the U.A.E.’s biggest phone company, increased 3.7 percent to 12.7 dirhams. Abu Dhabi Commercial Bank PJSC, the country’s third-largest bank by assets, jumped 4.3 percent to 2.66 dirhams.

Asian stocks rose for the fifth day, the longest winning streak in seven months, as the U.S. moved closer to a $14 billion rescue of American car companies and South Korea cut interest rates to a record low.

To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net