Qatar leads most of Gulf higher; Abu Dhabi dips

Saudi Electricity gets $1.3bn in country's first green bond sale

DUBAI: Most major Middle Eastern markets ended higher on Sunday, with Qatar outperforming the region driven by broad-based gains as financial shares led the pack. In Qatar, the index rose 1.2%, boosted by a 2.1% rise in the Gulf's largest lender Qatar National Bank and a 10% surge in United Development Company.

Saudi Arabia's benchmark index rose 0.8%, with Al Rajhi Bank gaining 0.9% and Dr Sulaiman Al-Habib Medical Services jumping 3.5%. Elsewhere, Saudi Electricity Company (SEC) was up 0.5%. SEC, the kingdom's electricity transmission monopoly, sold $1.3 billion in dual-tranche green sukuk, or Islamic bonds, the first public green issuance from the region this year.

The deal comes amid a flurry of debt issues, as Gulf borrowers - particularly governments - seek to plug finances that have been hit by the double blow of the coronavirus pandemic and lower oil prices.

Separately, Saudi Arabian supermarket retailer BinDawood Holding IPO-BDHA.SE set an indicative price for its initial public offering, seeking to raise as much as 2.19 billion riyals ($583.89 million) in a Riyadh listing.

Dubai's main share index reversed earlier losses to close up 0.2%, supported by a 1.4% gain in Emirates NBD Bank.

In Abu Dhabi, the index eased 0.2% as the country's largest lender dropped 0.4% and Emirates Telecommunication was down 0.2%.

On Saturday, the United Arab Emirates health ministry reported 1,007 new coronavirus cases, its highest daily number of infections since the start of the pandemic.

Outside the Gulf, Egypt's blue-chip index added 0.2%, supported by a 0.5% increase in Commercial International Bank.