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Dubai shares tumbled to the lowest level in almost five months, led by Emaar Properties PJSC and Emirates NBD PJSC, on concern that Dubai World is struggling to restructure its debt. Emaar, the United Arab Emirates’ biggest real-estate developer, slumped 7.6 percent and Emirates NBD, the region’s largest publicly traded bank by assets, retreated to the lowest since Sept. 3. The DFM General Index plunged 4.7 percent, the biggest fluctuation among global benchmarks tracked by Bloomberg, to 1,663.35 at 10:41 a.m. in the emirate. The measure, which is heading for the lowest close since July 13, has tumbled 20 percent since Dubai said on Nov. 25 that it was seeking a “standstill” agreement on Dubai World’s debt.  Dubai World last week began talks with banks to restructure $26 billion of debt, including a $3.52 billion Islamic bond of property unit Nakheel PJSC maturing on Dec. 14. Debt restructuring by Dubai state-run companies may almost double to $46.7 billion as more of the emirate’s businesses could need help making payments, Morgan Stanley said.

Dubai’s benchmark index rose the most in three weeks, leading gains among Gulf markets, as investors speculated that the opening of the world’s tallest tower tomorrow will boost earnings at Emaar Properties PJSC.

Emaar, the United Arab Emirates’ biggest real-estate company and developer of the Burj Dubai, climbed to the highest since November. Arabtec Holding PJSC and Drake & Scull International PJSC, both contractors on the building, also advanced. Dubai’s DFM General Index increased 3.4 percent, the most since Dec. 14, to 1,865.59 on the first trading day of the year. Abu Dhabi’s ADX General Index rose 1.1 percent.

“The opening of the Burj means that first-quarter 2010 results will be very strong as Emaar accounts for revenue when they hand over” properties, said Fadi Al Said, head of equities at ING Investment Management (Dubai) Ltd. The opening of the tower is boosting sentiment among retail investors, Said said.

Emaar added 7.8 percent to 4.16 dirhams, the highest close since Nov. 25. The company switched to “completed contract” accounting, which allows it to recognize profit when units are delivered, last year. Emaar previously booked profit based on the proportion of work that had been completed. Burj Dubai will welcome its first residents from February, Emaar said on Dec. 31.

Limited Gains

Arabtec increased 6.3 percent to 2.85 dirhams and Drake & Scull added 3.3 percent to 0.93 dirham.

Dubai shares climbed to the highest level in almost a week as oil gained on prospects for increased fuel demand in the U.S. after the economy of the world’s biggest energy-consuming country grew the most in six years.

Emaar Properties PJSC, the developer of the world’s tallest skyscraper in Dubai, advanced the most in a month. Arabtec Holding PJSC, the biggest construction company in the United Arab Emirates, rose to the highest in almost two weeks after it agreed with Aabar Investments PJSC to extend the due diligence process. Dubai’s DFM General Index advanced 0.7 percent to 1,592.91, rising for a second day. The measure gained 0.2 percent in February, the first monthly gain since October.

Markets are being helped by “resilient oil,” said Ali Khan, head of cash-equity trading at Dubai-based Arqaam Capital Ltd. Locally, “market volumes are not that convincing and, from what we could see, there was limited participation from international clients.”

About 143 million shares traded in Dubai today, 57 percent below the index’s six-month daily average of 331 million shares, according to Bloomberg data.

Crude oil rose 1.9 percent to $79.66 a barrel on Feb. 26 after a report showed the U.S. economy grew at an annual rate of 5.9 percent in the fourth quarter. Oil, which accounts for 75 percent of the revenue of the six monarchies in the Gulf Cooperation Council, advanced 9.3 percent in the month, the biggest gain since May. Prices have more than doubled from their February 2009 low of $34 a barrel.

Emaar advanced 3.5 percent to 2.98 dirhams, the most since Jan. 28.

Dubai shares led gains in Gulf markets as oil rose to the highest level in almost two months and global markets advanced after smaller-than-expected U.S. job losses boosted optimism for a global economic revival.

Emaar Properties PJSC, the developer of the world’s tallest skyscraper, advanced the most in two months as its Indian joint venture got approval for a share sale. Dana Gas PJSC, a United Arab Emirates-based explorer and producer, gained in Abu Dhabi trading after making two discoveries. The Dubai Financial Market General Index increased 2.3 percent, the most since Jan. 25, to 1,621.73. Abu Dhabi’s gauge climbed 0.8 percent and Oman’s MSM30 Index rose 0.5 percent.

“There is a strong correlation” between Gulf stocks and the price of oil, said Ian Munro, head of research at MAC Capital Advisors in Dubai. “Economic growth and corporate earnings in the region are derived from barrels of oil.”