MIDEAST STOCKS-Markets jump, Dubai soars 8.5 pct; Syria strike may be averted | Reuters:
"* UAE markets make biggest gains for nearly four years
* Saudi market's rally more modest, up 2.9 pct
* Markets looked at worst case before, now best case
* May stay volatile for several more weeks
* Petrochemical shares underperform
By Nadia Saleem
DUBAI, Sept 10 (Reuters) - Middle East shares jumped on Tuesday, with Dubai soaring 8.5 percent, on hopes that a U.S.-led military strike on Syria might be averted after Russia offered to work with Damascus to cede control of its chemical weapons to international authorities.
U.S. President Barack Obama said that if Syria handed over the weapons used in an alleged poison gas attack on Aug. 21, it would be a 'significant breakthrough' in the crisis. Late on Tuesday, the Syrian government accepted the proposal, according to Russian news agency Interfax.
It was by no means clear that the proposal could in practice be implemented to Washington's satisfaction - just as it was never clear that any strike on Syria would cause Damascus or its allies to retaliate against Gulf Arab countries."
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