Kuwaiti shares gained, sending the benchmark index to the highest level since January 2011 amid optimism the government will revive a $110 billion investment plan to boost economic growth in the OPEC member.
Arabtec Holding Co. rose the most in almost a week after the United Arab Emirates builder scrapped a plan to issue convertible bonds that had stoked concern among shareholders that their positions may be diluted.
Dubai stocks rallied to the highest level in more than three years as Emaar Properties PJSC’s new hotel project fueled bets revenue of the developer of the world’s tallest skyscraper will grow this year.
Dubai shares rose for a second time this week, adding to this month’s gain in Gulf markets, as the emirate raised $1.25 billion in a bond sale and emerging-market stocks climbed to the highest level since June 2008.
Dubai’s real estate stocks fell, led by Emaar Properties PJSC after the United Arab Emirates was said to have capped mortgages for expatriates, prompting concern a recovery in the property industry may be at risk.