Dubai stocks lead Middle East profits in gambling debt United States agreement

July 31, 2011, 8: 04 AM EDT by Zahra Hankir

July 31 (Bloomberg) - shares of the Middle East increased, extent of Dubai shipping most in two weeks, as U.S. politicians began a new attempt to reach an agreement to raise the country's debt limit two days before a predetermined deadline.

Emaar Properties its, the developer of the world's highest skyscraper, gained 2.1% and its Dubai Islamic Bank gathered more than three months as second quarter earnings rose 10 percent. The DFM General index rose 0.8 per cent, the majority from July 13 to 1,517.58 at 2 p.m. near Dubai. The measure was little changed in July. The GCC of Bloomberg 200 index increased 0.3 percent at 2: 17 pm in Riyadh after sliding down to 0.3 per cent previously. EGX 30 index Egypt gained 0.4 percent and the Israel TA-25 index fell 1 percent.Reports that "there is a preliminary agreement on an agreement between President Barack Obama and Republicans" helped to raise reserves, said Samer Darwiche, a financial analyst from Gulfmena investments in Dubai.The White House and Congressional Republicans have outlined the contours of an agreement to increase the ceiling of the debt of 14.3 trillion dollars of the country that would raise borrowing authority through the forthcoming presidential electionslate last night, said a person familiar with the talks. President Barack Obama and leaders of the Congress yesterday began the momentum to prevent a United States Government default on its debt.Israel DeclinesEmaar had advanced most from July 3 to 2.88 dirhams and Dubai Islamic jumped to 3 percent, the largest since April 20, 2.06 dirhams. Net income to the UAE's largest lender complying with rules of the Shariah rose to 331 million dirhams (90 million dollars).QE index of Qatar increased 0.3 percent and Tadawul all index of Saudi Arabia won 0.7 percent after tumbling 1.4 per cent yesterday. Kuwait price index fell 0.1%, and BB all index of Bahrain fell 0.5 percent, while the town of Abu Dhabi General index decreased 0.3 percent. MSM 30 Oman index fell 0.7 percent.In Israel, TA-25 index refused to 1,220.12, the level lower to intraday since June 28, amid protests by rising housing costs and other consumer prices.The director-general of Shani of Haim's Ministry of Finance of Israel resigned after a series of disagreements with Finance Minister Yuval Steinitz, the Government faces rising protests about the costs of housing. "Prime Minister Benjamin Netanyahu promised on 26 July to increase the supply of housing to compensate for the increase in property prices."Local protests are reaching a new peak with the resignation of the general director of the Ministry of finance, "said Saar Golan, merchant selling Clal Finance Brokerage Ltd. in Tel Aviv." "The Government is under great pressure to do something." The stagnation of the debt of the United States are also damaging to markets in the nation.The performance of Government Mimshal Shiklit 5 percent bonds due January 2020 rose two points from base to 5.02%.

-With the assistance of Susan Lerner in Jerusalem. Editors: Claudia Maedler, Dan weeks

To contact the reporter on this story: Zahra Hankir in Dubai in zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler in cmaedler@bloomberg.net

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