UAE shares jumped this morning following Opec’s surprise agreement to cut oil production levels for the first time in eight years, with Saudi stocks following suit.
The Dubai Financial Market General Index opened up around 0.9 per cent, with blue chip stocks Emaar Properties and DIB rising around 1.4 per cent each.
Opec and non-Opec members agreed late on Wednesday night to reduce global output to roughly 33 million barrels a day at a meeting in Algeria.
The last minute deal stunned markets, with observers having all but given up on the prospect of an agreement. Brent crude immediately jumped around 6 per cent on the news.
The agreement boosted Asian stocks on Thursday morning, the Nikkei trading up around 1.7 per cent.
The Saudi Tadawul opened up about 0.5 per cent higher.
jeverington@thenational.ae
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Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
