DUBAI: Most stock markets in the Gulf ended higher on Monday in thin trade ahead of the end of the year, with the Dubai index closing at its highest in more than a decade.
Saudi Arabia’s benchmark index advanced 0.9%, with Al Rajhi Bank rising 2.1% and ACWA Power Co adding 2.7%. After the close ACWA announced entry into the Chinese market by securing more than 1 gigawatt of renewable energy projects in collaboration with Chinese partners.
Dubai’s main share index gained 0.5%, hitting its highest since May 2014, led by a 1.8% rise in Dubai Electricity and Water Authority and a 3% gain for Emaar Development.
The real estate sector was largely responsible for the market’s upward momentum, said Joseph Dahrieh at broker Tickmill.
“This sector was responsible for a significant portion of the solid gains this year, making Dubai’s market stand out as an exception among regional markets,” he said.
The UAE’s real gross domestic product grew 3.6% in the first half of 2024, the state news agency reported the Emirati finance minister as saying on Monday.
In Abu Dhabi, the index finished with a 1% gain.
Separately, Abu Dhabi National Oil Company (ADNOC) said the company is set to drive 200 billion dirhams ($54.45 billion) into the UAE economy over the next five years through its In-Country Value (ICV) programme.
The Qatari index eased 0.2%, hit by a 0.8% fall in the Gulf’s biggest lender, Qatar National Bank.
Outside the Gulf, Egypt’s blue-chip index dropped 0.9%, weighed down by a 3.3% fall for Talaat Moustafa Holding.
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