Abu Dhabi, Dubai Shares Climb to 3-Month High; NBAD, Emaar Gain

United Arab Emirates shares rose to the highest level in almost three months, leading gains among Gulf markets, as slowing job losses in the U.S. increased speculation the global economy is pulling out of recession.

National Bank of Abu Dhabi, the U.A.E.’s second-biggest lender by assets, gained as much as 2.6 percent as it became the country’s first bank to sell five-year notes this year. Emaar Properties PJSC, Dubai’s largest developer, climbed to the highest level since June as Al Dhafra Financial Brokerage LLC said the stock could trade at 5 dirhams by the end of the year. All but one of the seven benchmark indexes in Gulf Cooperation Council states increased.

“The rally in U.S. and European markets had the greatest impact on GCC over all today,” said Mohamed Abu Ghoush, head of equity brokerage at Al-Ahli Bank in Doha. “U.S. job data reinforced sentiments that the economy is recovering.”