DUBAI (Bloomberg) -- Persian Gulf shares gained, tracking the global markets, on speculation government bailouts will shore up the global economy, bringing overseas investors into the region.

Arabtec Holding Co., the construction company building the world’s tallest tower in Dubai, rose to the highest in three weeks after it offered one bonus share for each existing share. Emirates Telecommunications Corp., the United Arab Emirates’ biggest telephone company, gained for a second day, while Oman Telecommunications Co., the biggest phone operator in the Persian Gulf country, climbed to the highest in a week.
The Dubai Financial Market General Index gained 5 percent to 2025.01 at 12:23 p.m. local time, for a 12 percent advance over the past four sessions. The Abu Dhabi Securities Exchange General Index advanced 2.7 percent to 2,793.62, while the Kuwait Stock Exchange Index rose 1 percent.
“We’re seeing some shifts in sentiments globally,” said Chamel Fahmy, senior regional sales trader at Beltone Securities Brokerage in Dubai. “Our markets are following that trend. I think there is still 200 points upside in Dubai market.”
The S&P 500 gained more than 12 percent in the past week, its best weekly performance since 1974, after China cut interest rates and the Federal Reserve committed $800 billion to help resuscitate lending markets, boosting speculation government action will pull the global economy out of recession.
Oman’s Muscat Securities Market 30 Index rose 2 percent, while Qatar’s DSM 20 Index increased 5.7 percent. The Bahrain All Share Index added 0.1 percent. The Tadawul All Share Index weakened 1.8 percent.
Arabtec surged 11.2 percent to 4.96 dirhams, its highest since Nov. 9. Arabtec’s board approved plans to increase the Dubai-based company’s capital to 1.2 billion dirhams ($326 million) from 598 million dirhams. Emirates telecom, or Etisalat, rose 2.8 percent to 12.7 dirhams.
Oman Telecom gained 2.9 percent to 1.725 rials, reaching the highest since Nov. 23 after the operator said it was part of a group that has qualified for the second stage of the mobile phone license bid process in Iran.
The following stocks also rose or fell in the region. Stock symbols are in parentheses after company names:
Kuwait Projects Co. Holding K.S.C., the country’s largest non-state-owned investment company gained 4.8 percent to 660 fils after it repaid a 200 million-euro ($254 million) medium-term note due this month.
Qatar Telecom, the telecommunications operator seeking to control PT Indosat, rose 2.8 percent to 126.5 after the operator agreed to pay its original offer price for more shares in Indonesia’s second-largest telephone company.
Qatar International Islamic Bank, the emirate’s second-largest bank complying with Muslim law, climbed 9.9 percent to 48.7 riyals after the bank said it may buy back 10 percent of its shares after a board meeting on Dec. 14.