DUBAI: Gulf stock markets rebounded on Thursday after a dovish statement from the US Federal Reserve lifted oil prices and sparked a rally in global equities, but food maker Savola Group weighed on Saudi Arabia after a profit warning.

Oil prices jumped on Wednesday after the Federal Reserve indicated it would raise US interest rates more slowly than previously thought, overshadowing data showing US crude inventories at a record level. Prices pulled back slightly on Thursday but still traded well off their Wednesday lows.

The Tadawul All-Share Index edged up 0.4 percent, as petrochemical giant Saudi Basic Industries

jumped 2.0 percent after a heavy sell-off in the two previous sessions.

Property-related stocks also did well: Emaar Economic City surged its daily 10 percent limit, Saudi Real Estate rose 5.1 percent and Dar Al-Arkan jumped 2.4 percent.

Savola Group tumbled its daily 10 percent limit to SR69.75 after slashing its first-quarter net profit forecast to SR178 million ($47.5 million) before capital gains from SR360 million. It blamed the revision on lower-than-expected retail sales and currency devaluations in some foreign markets.

The stock broke chart support on its January low of SR72.50, and its next major support is at the December low of SR63.50.

Dubai's index rose 1.9 percent after dropping 3.6 percent in a panic sell-off on Wednesday. Developer Emaar Properties surged 4.6 percent, dominating trading volumes.

Emaar, Dubai's largest listed property firm, said on Thursday it categorically denied rumors that its chairman Mohamed Alabbar intended to leave the company.

There was speculation about Alabbar's role after he participated at an investment conference in Egypt last week in a presentation about the construction of a new $45 billion capital city for the country. Emaar subsequently said it was not involved in the project but that Capital City Partners, another firm co-founded by Alabbar, was engaged in it.

Builder Arabtec, however, fell 0.8 percent as its board prepared to review 2014 results after Thursday's close.

Abu Dhabi's stock index rose 1.3 percent despite a 9.0 percent plunge by major lender National Bank of Abu Dhabi, which went ex-dividend.

Qatar's bourse rose 0.9 percent although another ex-dividend stock, Qatar Navigation, tumbled 4.8

percent. Telecommunications operator Ooredoo jumped 2.8 percent even after it warned investors its revenue would fall by as much as 3 percent this year.

Egypt's index edged up 0.4 percent as Orascom Telecom Media and Technology (OTMT) jumped 3.4 percent after signing an agreement with French firm Lafarge to work jointly on a new waste management project.

The Sawiris family, which controls OTMT, also has a stake in the French company. Nassef Sawiris, the second-biggest shareholder and board member of Lafarge, said on Thursday that talks to save the planned tie-up with Switzerland's Holcim were "progressing well". Holcim this week contested

the deal price and leadership of the new firm.

Egyptian investment bank EFG Hermes rose 0.9 percent after posting a net profit of 706.99 million pounds ($92.7 million) for 2014 against a net loss of 334.98 million pounds in 2013.

The main Tunisian stock index rebounded 1.4 percent after dropping 2.5 percent on Wednesday.