Gulf Shares Climb as IMF Boosts Growth Forecast; Taqa Rises

Gulf markets rose, with Abu Dhabi’s index climbing to the highest level in a week, as the International Monetary Fund raised its growth estimate for the Middle East and oil traded around $70 a barrel.

Abu Dhabi National Energy Co., the company known as Taqa, gained the most in seven weeks after completing the 285 million- euro ($415.8 million) acquisition of DSM Energie Holding BV. Aabar Investments PJSC soared to its highest in a month. Abu Dhabi’s benchmark index increased 0.4 percent to 3,137.99, after closing out the third quarter with a 19 percent gain yesterday.

“We are seeing cautionary behavior ahead of third-quarter results, especially considering the markets had rallied recently,” said Ali Taqi, director of asset management at AT Capital Management in Dubai. “Oil has remained in the expected band which is positive for our markets.”