Dubai’s shares rose, snapping a three-day loss, as U.S. reports signaled a broadening global economic recovery. Oil traded above $90 a barrel.
Arabtec Holding Co., the United Arab Emirates’ biggest construction company, increased 2 percent after the Chief Financial Officer told CNBC Arabiya he expects earnings to improve. Emaar Properties PJSC, builder of the world’s tallest skyscraper, rose the most in a week and Gulf Navigation Holding, a shipper of oil and chemicals, advanced 2.3 percent. The DFM General Index climbed 1.2 percent to 1,668.68 at the 2 p.m. close in Dubai, bringing the gain for the week to 2.3 percent.
“Stronger oil and gains in international markets” are helping push local stocks up, said Tarek Lotfy, head of equities at Dubai-based Arqaam Capital Ltd.
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