Abu Dhabi Shares Rise Most in Week on Oil; Aldar Leads Gains

* username: rupertbu

Abu Dhabi’s benchmark index advanced the most in a week, led by Aldar Properties PJSC and Sorouh Real Estate Co., after the price of crude oil reached the highest level since 2008.

Aldar, Abu Dhabi’s biggest real-estate company, is headed for the highest close since January. Sorouh, the developer of the $11 billion Lulu Island project in Abu Dhabi, rose the most in a week. Abu Dhabi Commercial Bank PJSC, the United Arab Emirates’ third-biggest bank by assets, gained 2.9 percent. Abu Dhabi’s ADX General Index increased 0.3 percent, the most in almost a week, to 2,866.85 at 12:28 p.m. in the emirate.

Crude oil surged to a 17-month high April 1 on signs global economic growth is accelerating, bolstering optimism that fuel consumption will increase this year. Crude for May delivery closed at $84.87 a barrel in New York, the highest settlement price since Oct. 9, 2008. Prices have soared 75 percent in the past year. Abu Dhabi is the capital of the U.A.E. and the holder of about 7 percent of the world’s proven oil reserves.