Dubai Stocks Advance as Oil Trades Close to $80 on Economy

Dubai stocks advanced for third time this week, led by Emaar Properties PJSC and Emirates NBD PJSC, as oil traded close to $80 a barrel.

Emaar, the United Arab Emirates’ largest real-estate company, gained 2.4 percent and Emirates NBD, the country’s biggest bank, surged the most in two weeks. The DFM General Index increased 1.2 percent to close at 1,810.24, bringing the advance for the year to 11 percent. The measure declined 72 percent last year. Abu Dhabi’s ADX General Index, which is up 15 percent this year, added 0.1 percent.

Oil advanced 8.8 percent since Dec. 21. A U.S. government report today is forecast to show a decline in stockpiles of the fuel in the largest energy-consuming nation. Another U.S. report may show manufacturing expanded in December for a fifth month, adding to signs the economy is gaining momentum. Oil, which traded as high as $79.19 a barrel, has surged 77 percent this year. The six Arab Gulf states in the Gulf Cooperation Council supply about 20 percent of world’s oil.