Gulf Shares Gain as Oil Reaches Seven-Month High; Dubai Soars

Persian Gulf shares gained, pushing Dubai’s index to the highest in more than five months, as surging crude oil prices bolstered economic prospects for the region.

Emaar Properties PJSC, the United Arab Emirates’ largest property developer, advanced to the highest level in almost seven months, while phone company Zain led gains in the Kuwaiti market. Petrochemicals companies such as Saudi Basic Industries Corp. led Saudi Arabia’s bourse higher.

“Oil is up, European stocks are up, which is boosting local sentiment,” said Mohammed Galal, head of foreign institutional sales at Al Futtaim HC Securities in Dubai. “Volumes over the past two days indicate market strength.”