Dubai shares rose to the highest in almost six months, leading gains in the Middle East, on speculation third-quarter earnings in the United Arab Emirates will beat expectations and after global markets rallied.
Emaar Properties PJSC increased for a fourth day as it exercised the over-allotment option of as much as $50 million on its convertible note sale. Arabtec Holding Co. jumped 5.1 percent after Kommersant reported that OAO Gazprom Neft won final approval from the Russian government to build what may become Europe’s tallest skyscraper. The DFM General Index advanced 1.6 percent to 1,749.63, the highest since April 26, at the 2 p.m. close in Dubai. The Bloomberg GCC 200 Index rose 0.3 percent at 2:18 p.m. and Israel’s TA-25 climbed 1.2 percent.
“Investors are hoping that certain stocks will follow through” with third-quarter earnings expectations, said Vyas Jayabhanu, head of Al Dhafra Financial Brokerage LLC in Abu Dhabi. “The performance of global markets is a positive factor.”
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