UAE stocks jump as supply fears lift oil

Stock markets in the United Arab Emirates closed higher on Friday tracking oil prices, as investors continued to weigh supply risks despite the receding likelihood of a U.S. military strike against Iran.

Oil prices, a key contributor to the Gulf’s economies, were up 1.22% to $64.54 a barrel by 1106 GMT.

Dubai’s main market climbed 0.9%, snapping a two-sessions losing streak, as heavyweight financial and real estate stocks led the rebound.

Blue-chip developer Emaar Properties rose 1.1%, while top lender Emirates NBD Bank jumped 1.3%.

Dubai World Trade Centre and UK’s Informa Group are said to be eyeing a listing of a joint events business, Bloomberg News reported on Friday.

Abu Dhabi’s benchmark index advanced 0.7% to a second session with Adnoc Gas gaining 0.6% and construction giant Aldar Properties increasing 1.3%.

Among the gainers, state-controlled AD Ports Group  surged 4.4% after it finalised a deal to sell land to Danube Properties for AED 840 million ($228.71 million).

Abu Dhabi state oil firm ADNOC is weighing entering Venezuela’s energy industry and could seek a partnership with another international producer to participate in the nation’s gas projects, Bloomberg News reported on Thursday, citing people familiar with the matter.

Dubai index notched up 1.5% in the week, while Abu Dhabi recorded 1.1% weekly gains, according to data compiled by LSEG.