Dubai Shares Rise Most Since January, Lead Gulf Gains, on Oil

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Dubai shares led gains in Gulf markets as oil rose to the highest level in almost two months and global markets advanced after smaller-than-expected U.S. job losses boosted optimism for a global economic revival.

Emaar Properties PJSC, the developer of the world’s tallest skyscraper, advanced the most in two months as its Indian joint venture got approval for a share sale. Dana Gas PJSC, a United Arab Emirates-based explorer and producer, gained in Abu Dhabi trading after making two discoveries. The Dubai Financial Market General Index increased 2.3 percent, the most since Jan. 25, to 1,621.73. Abu Dhabi’s gauge climbed 0.8 percent and Oman’s MSM30 Index rose 0.5 percent.

“There is a strong correlation” between Gulf stocks and the price of oil, said Ian Munro, head of research at MAC Capital Advisors in Dubai. “Economic growth and corporate earnings in the region are derived from barrels of oil.”