Stock markets in the United Arab Emirates closed higher on Friday tracking oil prices, as investors continued to weigh supply risks despite the receding likelihood of a U.S. military strike against Iran.
Oil prices, a key contributor to the Gulf’s economies, were up 1.22% to $64.54 a barrel by 1106 GMT.
Dubai’s main market climbed 0.9%, snapping a two-sessions losing streak, as heavyweight financial and real estate stocks led the rebound.
Blue-chip developer Emaar Properties rose 1.1%, while top lender Emirates NBD Bank jumped 1.3%.
Dubai World Trade Centre and UK’s Informa Group are said to be eyeing a listing of a joint events business, Bloomberg News reported on Friday.
Abu Dhabi’s benchmark index advanced 0.7% to a second session with Adnoc Gas gaining 0.6% and construction giant Aldar Properties increasing 1.3%.
Among the gainers, state-controlled AD Ports Group surged 4.4% after it finalised a deal to sell land to Danube Properties for AED 840 million ($228.71 million).
Abu Dhabi state oil firm ADNOC is weighing entering Venezuela’s energy industry and could seek a partnership with another international producer to participate in the nation’s gas projects, Bloomberg News reported on Thursday, citing people familiar with the matter.
Dubai index notched up 1.5% in the week, while Abu Dhabi recorded 1.1% weekly gains, according to data compiled by LSEG.
| ABU DHABI | up 0.7 to 10,123 points |
|---|---|
| DUBAI | rose 0.9% to 6,316 points |
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