Dubai shares rose for the second time this week, leading gains in Gulf markets, on signs the U.S. economy is recovering and as oil rose amid freezing weather in parts of the Northern hemisphere.
Emaar Properties PJSC, the developer of the world’s tallest tower, opened and renamed Burj Khalifa yesterday, added as much as 2.5 percent. Dubai Investments PJSC, an investor in real estate and dairy farms, headed for its biggest advance in three weeks. Dubai’s DFM General Index gained 1.1 percent to 1,837.2 at 11:40 a.m. in the emirate. The measure lost 2.6 percent yesterday.
U.S. stocks surged the most in almost two months yesterday and Asian stocks climbed after U.S. manufacturing expanded at the fastest pace in more than three years. Crude oil traded near a 14-month high as cold weather in the U.S., the largest energy consumer, and improving global economies bolstered the outlook for fuel demand. Oil traded at $81.75 a barrel. The Gulf region produces about 20 percent of the world’s oil.
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