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Dubai’s main share index led stock markets in the United Arab Emirates lower on Friday, as oil prices fell on concerns about a global economic slowdown.

Crude prices, a key driver of the Gulf’s financial markets, slipped after two days of gains and were heading for weekly losses, also under pressure from a strong dollar.

Dubai’s main share index fell 0.4%, with top lender Emirates NBD down 1.4% and sharia-compliant lender Dubai Islamic Bank down 0.7%.

The index still managed to eke out a weekly gain of 0.7%, however.

Abu Dhabi’s index ended five weeks of gains with a weekly drop of 1.6%, although it only inched 0.1% lower on Friday.

Most Gulf bourses end lower on oil, recession worries

Telecoms firm e&, formerly known as Emirates Telecommunications, retreated 1.1%, while a 0.3% rise in conglomerate International Holding Co (IHC) helped support the broader index.

Shares of IHC, the most valuable company on the Abu Dhabi bourse with a market capitalisation of around $167 billion, have risen by more than 120% so far this year.

IHC, which straddles sectors from healthcare and real estate to IT and utilities, made 70 acquisitions worth 10 billion dirhams ($2.72 billion) this year.

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 ABU DHABI   fell 0.1% to 10,083
 DUBAI       down 0.3% to 3,420
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