Most stock markets in the Gulf ended higher on Monday amid rising oil prices, with the Dubai index outperforming the region, while the Qatari index bucked the trend to close lower.

Prices of oil, a key catalyst for the Gulf’s financial markets, rose after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concerns over a global economic slowdown and the potential for further U.S. interest rate hikes.

Saudi Arabia, the de-facto leader of OPEC, had pledged earlier this month to make a deep cut to its output in July, on top of the broader OPEC+ deal to limit supply into 2024 as the group sought to boost flagging oil prices.

Dubai’s main share index — which traded after a four-session break — advanced 2.3%, buoyed by a 3.6% jump in blue-chip developer Emaar Properties and a 3% rise in top lender Emirates NBD.

The Dubai stock market restarted trading with a strong performance as traders return with a positive sentiment, said George Pavel, general manager at Capex.com Middle East.

Dubai leads Gulf markets higher; Abu Dhabi falls as oil slips

“The main index extended its uptrend after a short period of stagnation supported by the rise of multiple sectors thanks to the solid local economy.”

Saudi Arabia’s benchmark index rose 0.5%, driven by a 2.8% gain in Banque Saudi Fransi and a 2.4% increase in Etihad Etisalat Co ahead of trading ex-dividend.

In Abu Dhabi, the index added 0.1%.

The Qatari index fell 0.2%, hit by a 1.5% fall in Qatar Islamic Bank.

The Qatari bourse was under pressure after a small rebound, said Pavel. Natural gas prices, which are still near multi-month lows, could continue to weigh on the market.

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 SAUDI ARABIA     rose 0.5% to 11,545
 ABU DHABI        rose 0.1% to 9,562
 DUBAI            leapt 2.3% to 3,879
 QATAR            eased 0.22% to 10,181
 BAHRAIN          down 0.1% to 1,957
 OMAN             rose 0.4% to 4,792
 KUWAIT           added 0.6% to 7,858
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