Most major stock markets in the Gulf rose in early trade on Monday, supported by earnings and corporate announcements, although the Qatari index bucked the trend to trade lower.
Saudi Arabia’s benchmark index edged 0.1% higher, with ACWA Power Company gaining 2.3%, on track to extend gains from the previous session.
ACWA said it plans to buy stakes in assets in Kuwait and Bahrain worth $693 million from French utility developer ENGIE, according to a joint statement on Wednesday.
The share purchase agreement covers operating capacities of 4.61 GW of gas-fired power generation and 1.11 million cubic meters per day (m3/day) of water desalination facilities, the companies said in a statement.
Elsewhere, ADES Holding added 1.4%, after reporting a sharp rise in annual profit. Dubai’s main share index rose 0.3%, on course to snap two sessions of losses.
The gains were led by a 1.2% rise in district cooling services provider Empower, as the firm and Dubai Multi Commodities Centre signed an agreement to supply the next phase of Uptown Dubai with sustainable district cooling services.
Most Gulf markets gain despite US tariff worries
Among other gainers, construction and engineering company Drake & Scull International advanced 2%, after winning contracts worth over 1 billion dirhams ($272.28 million) for the Arabian Hills project. In Abu Dhabi, the index nudged 0.1% higher.
The Qatari benchmark fell 0.4%, hit by a 1.9% drop in the Gulf’s biggest lender Qatar National Bank.
Separately, Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani said on Sunday that six venture capital firms the investment authority has invested in as part of its “fund of funds” programme will open offices or regional headquarters in Qatar.
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