Parkin buoys Dubai; Abu Dhabi extends losses

Dubai’s stock market closed higher on Friday, fuelled by a 15% boost in Parkin Company’s shares after the Roads and Transport Authority (RTA) approved a variable parking tariff policy in Dubai, effective March 2025, while Abu Dhabi’s index continued its downward trend.

In Dubai, the main share index rose 0.5% led by a 15% surge in Parkin Company, marking its best-ever single-day rise, while its largest lender Emirates NBD was up 1.8%.

Meanwhile, Talabat Holding, one of the biggest food ordering businesses in the Middle East, is set to raise about $2 billion from the largest initial public offering in the UAE this year after its parent Delivery Hero on Friday priced the offering at the top end of the indicated range.

Most Gulf markets higher on Israel-Hezbollah ceasefire

The Dubai index posted a 5.5% gain in November, its best monthly performance this year after July.

Abu Dhabi’s index fell 0.3%, extending its decline to the third consecutive session. The index was dragged down by a nearly 1.5% decrease in the country’s largest lender, First Abu Dhabi Bank and a 1.8% drop in telecoms operator E&.

On a monthly basis, the Abu Dhabi index declined 1% for the second consecutive month.

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 ABU DHABI     fell 0.3% to 9,235 points

 DUBAI         up 0.5% to 4,847 points

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