Stock markets in the United Arab Emirates (UAE) rebounded from early losses to close higher on Friday as oil prices gain after International Energy Agency (IEA) hints of tight oil markets.
The IAE said on Friday, Saudi Arabia and the United Arab Emirates could help to calm volatile oil markets if they pumped more crude.
Oil Prices are on track for their first weekly decline after seven consecutive weekly gains, however.
Abu Dhabi's index rose 0.8%, extending gains for a sixth session in a row and on track for its weekly gain.
Major Gulf bourses close higher; Egypt rises 0.6%
The country's largest lender First Abu Dhabi Bank jumped 2.2%, after state holding company ADQ said on Friday it has received the UAE central bank's in-principle approval for a new digital banking platform, to launch operations.
FAB will own a 10% stake in new digital banking platform alongside ADQ and Alpha Dhabi, which will have a combined 65% stake, while telecoms operator Etilasat will own 25%.
In Dubai, the main share index was up 0.2%, posting its biggest weekly since Dec 17, 2021, led by a 1.2% rise in blue-cap developer Emaar Properties and a 0.4% gain Emirates NBD Bank.
ABU DHABI rose 0.8% to 8,998 points
DUBAI edged up 0.2% to 3,257 points
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