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Stock markets in the United Arab Emirates closed higher on Friday as oil prices rose following progress in talks over increasing the U.S. debt limit.

U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government’s $31.4 trillion debt ceiling for two years while capping spending on most items, a U.S. official told Reuters.

Meanwhile, oil prices, a major driver for Gulf economies, rose on Friday, as the market weighed conflicting messages on supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting, with Brent crude up 54 cents at $76.80 a barrel at 1159 GMT.

Stock markets in the UAE were stable as traders adjust their expectations following optimism over global economic conditions amid progress in U.S. debt ceiling deal, said Ahmed Negm, Head of Market Research MENA at XS.com.

In Abu Dhabi, the benchmark index added 0.6%, after a third consecutive session of decline, bolstered by a 1.6% jump in Telecoms firm e&, formerly known as Emirates Telecommunications Group.

Most Gulf markets lower as US debt-ceiling talks drag on

E& said in a bourse filing it had completed forming a joint venture with Bespin Global to offer public cloud managed and professional services in the Middle East, Turkey, Africa and Pakistan. The company has also invested $60 million in Bespin Global in exchange for about 10% stake.

First Abu Dhabi Bank, the United Arab Emirates’ largest lender was also up 0.8%.

In Dubai, the main share index rose 0.4%, ending three straight days of losses, with blue-chip developer Emaar Properties advancing 0.7% and Mashreqbank climbing 3.3%.

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 ABU DHABI     rose 0.6% to 9,453 points
 DUBAI         gained 0.4% to 3,541 points
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