Gulf stocks rose, with Dubai’s measure climbing for a fourth day as the emirate’s ruler Sheikh Mohammed bin Rashid al-Maktoum said the worst of the economic crisis passed.
Emaar Properties PJSC, the United Arab Emirates’ biggest real-estate developer, advanced to the highest since December. Sorouh Real Estate PJSC, Abu Dhabi’s second-biggest property developer by market value, rose for a fourth day and Industries Qatar jumped as much as 9.5 per cent after restating earnings.
Sheikh Mohammed “reassured investors on the action plan for Dubai and on the impending projects and affirmed we are in a stability phase,” said Hesham Bakry, institutional sales manager at Al-Futtaim HC Securities Co in Dubai.
The Dubai Financial Market General Index added 1.9 per cent to 1,744.65, the highest close since January 12. Abu Dhabi shares rose for a seventh day, gaining 0.6 per cent and Qatar’s measure climbed 3.9 per cent.