Dubai stock index jumped in opening minutes on Sunday after global markets rebounded on Friday and shares in builder Arabtec Holding surged as it moved closer towards starting work on a huge project in Egypt.
The benchmark rose 4.1 per cent while Arabtec was up 9.2 per cent. Heavyweight Emaar Properties added 3.5 per cent.
Arabtec said on Sunday it expected soon to conclude the final agreement with Egyptian authorities to begin work on a $40 billion project to build one million residential units.
Worries about global economic growth had weighed on Western markets last week and also sent Middle East bourses tumbling, with Dubai taking the biggest hit and losing 13.6 per cent.
But global markets rebounded on Friday, when stock exchanges in the Middle East were closed.
Abu Dhabi’s index, which fell 6.1 per cent last week, rose 1.3 per cent in early trade on Sunday.