Stock markets in United Arab Emirates closed higher on Friday, in line with global equities, as higher growth in the rental market improved investor sentiment.

The MSCI world equity index gained 1.5%, while European stocks hit a one-week high and were up 1.3%.

In Abu Dhabi, the index advanced 0.9%, bolstered by a 5.2% gain in investment firm Multiply Group and a 3.3% jump in Aldar Properties.

However, the Abu Dhabi bourse registered a weekly loss of 1.3%, according to Refinitiv data.

Gulf bourses end mixed ahead of U.S. inflation data

Separately, Abu Dhabi-headquartered supermarket chain Lulu Group International is planning an initial public offering and has hired investment bank Moelis & Co to advise it, two sources familiar with the matter said.

Dubai’s main share index closed 0.8% higher, led by gains in heavyweight real estate and banking sectors as blue-chip developer Emaar Properties gained 2.5%, while top lender Emirates NBD Bank increased 0.8%.

Among other stocks, Amlak Finance surged 4.1% after the firm decided to utilize general reserve to amortize part of accumulated losses.

Major stock markets elsewhere in the Gulf region are closed on Friday.

 ABU DHABI    rose 0.9% to 9,742
 DUBAI        added 0.8% to 3,377


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