A general view of the luxury Burj al-Arab Hotel at Jumeirah area in Dubai, UAE December 9, 2015. . REUTERS/Karim Sahib/Pool
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Dubai stocks climbed to the highest level in three weeks, leading Arab Gulf markets higher, as low valuations lured investors who are hunting for bargains.The Tadawul All Share Index in Saudi Arabia climbed 0.1 percent.Government revenue in the six-nation Gulf Cooperation Council has declined this year with Brent crude sinking this month to the lowest level in 11 years.Dubai's stock valuations fell to 9.4 times 12-month projected earnings on Dec. 14, the lowest since January 2013 .Arabtec's stock advanced 2.4 percent as traders exchanged 117 million shares, more than three times the company's three-month daily average volume.Kuwait's SE Index rose 0.5 percent, Qatari shares added 0.4 percent and Oman's Muscat Securities MSM 30 Index increased 0.3 percent.
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