Major Gulf markets gain, Abu Dhabi hits record high

Most major stock markets in the Gulf rebounded on Tuesday, with the Abu Dhabi index touching an all-time high boosted by gains in telecoms firm Etisalat.

Saudi Arabia's benchmark index gained 0.6%, buoyed by a 1% rise in Al Rajhi Bank and a 2.8% increase in Dr Sulaiman Al-Habib Medical Services. Oil behemoth Saudi Aramco was up 0.7%.

Saudi Aramco is looking to raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, higher than the $12.4 billion raised from its oil pipeline deal, Reuters reported on Monday, citing sources familiar with the matter.

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In Abu Dhabi, the index advanced 0.9%, with Emirates Telecommunications Group (Etisalat) rising 2.4% after signing an agreement to acquire additional stake in Maroc Telecom Group for about $505 million.

Dubai's main share index climbed 0.4%, with blue-chip developer Emaar Properties rising 1.5% and sharia-compliant lender Dubai Islamic Bank adding 0.6%.

The Qatari index added 0.3%, with Qatar National Bank rising 1.1% and Qatar Gas Transport gaining 1.2%.

Elsewhere, United Development Company finished 0.1% higher.

Dubai district cooling firm Tabreed has sold its stake in joint venture Qatar Cool to United Development Company.

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Back in Dubai, Tabreed was down 0.3%.

Outside the Gulf, Egypt's blue-chip index fell 1%, dragged by a 2.5% drop in top lender Commercial International Bank.

Egypt has sold 622 million in one-year, euro-denominated T-bills with an average yield of 1.396%, the central bank said on Monday.