Major stock markets in the Gulf rose in early trading on Thursday, with investors continuing to keep a close eye on US President Donald Trump’s policy announcements to see how they unfold and impact the market.
Trump said on Tuesday his administration was considering imposing a 10% tariff on Chinese goods starting Feb. 1. He previously said Mexico and Canada could face tariffs of around 25% from the same date.
Such a move could significantly affect global trade and economic stability, with potential consequences, including higher prices for consumers and reduced economic growth.
Saudi Arabia’s benchmark index edged 0.1% higher, helped by a 2.5% rise ACWA Power Company.
Separately, the kingdom’s Crown Prince Mohammed bin Salman told Trump that Saudi Arabia wants to put $600 billion into expanded investment and trade with the United States over the next four years, according to the Saudi State news agency.
Dubai’s main share index gained 0.2%, with utility firm Dubai Electricity and Water Authority advancing 1.9%. In Abu Dhabi, the index added 0.3%.
The Qatari benchmark rose 0.5%, with the Gulf’s biggest lender Qatar National Bank gaining 1%.
Most Gulf markets rise amid tariff uncertainty
Qatar plans to introduce three new laws as part of a sweeping review of legislation designed to make the Gulf Arab state more attractive to foreign investors, the new minister of commerce and economy told Reuters.
Sheikh Faisal bin Thani Al Thani said in an interview that Qatar plans to introduce new legislation, including a bankruptcy law, a public-private partnership law and a new commercial registration law.
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