World Economy

Dubai Stocks Advance

Dubai Stocks AdvanceDubai Stocks Advance

Dubai stocks led a rally across Persian Gulf Arab equity markets after oil jumped the most in seven years, Bloomberg reported. The Dubai Financial Market General Index rose for the first time in four days on Sunday, gaining 1.6%. Emaar Properties PJSC, the developer of the world’s tallest skyscraper and the company with the biggest weighting on the gauge, led the increase. Aldar Properties PJSC jumped the most in more than a week to lead Abu Dhabi’s ADX General index, which climbed 0.3%. Brent, a benchmark for half the world’s crude, advanced after United Arab Emirates oil minister Suhail Al Mazrouei said producers were ready to cooperate amid “inappropriate” prices. Brent crude rose 11% to $33.36 a barrel on Friday, the biggest advance since December 2008 and curbing a second weekly decline. Qatar’s QE Index gained 1.5%, and Kuwait’s SE Price Index rose 0.3%, the most in more than a week. Oman’s MSM 30 Index added 0.1%.