The Dubai exchange increased in early trade after the United States recognized the Russian effort to assist in reining Syria's under international control as a possible 'breakthrough' in the current impasse. Another supporter of the Russian move is the Iranian foreign ministry.
As a result, Dubai's index increased by 7.5% to 2.497 points by midday trading while the Abu Dhabi benchmark had also increased by 5% to 3,653 points. Blue chip shares such as Arabtec increased by 9% while Emaar stock also jumped 7.7%.
The demand had increaed after two weeks of heavy selling and divestment as a possible military strike on Syria was much anticipated.
Another major superpower, this time China, sent its welcome and support for the Russian proposal for Syria to hand over its chemical weapons for disposal. The goal is to prevent planned military strikes with the United States. The message was conveyed by China's Foreign Ministry spokesperson Hong Lei during a regular news briefing.
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