UAE shares slightly up as investors watch Iran-US talks

Stock markets in the United Arab Emirates closed slightly higher on Friday, as investors awaited news from Iran and the United States’ high-stakes negotiations regarding Tehran’s nuclear programme.

Dubai’s main market extended gains to the 5th straight session, rising 0.2% to its highest level since early 2006.

The negotiations between Iran and the U.S. mediated by Oman started on Friday. While both sides have indicated readiness to
revive diplomacy

over Tehran’s long-running nuclear row with the West, Washington wants to expand the talks to cover Iran’s ballistic missiles, support for armed groups around the region and “treatment of their own people”, U.S. Secretary of State Marco Rubio said on Wednesday.

Abu Dhabi’s benchmark index edged up 0.1%, supported by a 0.8% increase in real estate developer Aldar Properties and a 0.5% hike in Adnoc Gas ahead of its earnings expected later in the day.

However, Sharjah-based Dana Gas declined 3.3% after the firm reported a 14% drop in full-year profit and a 27% decline in annual revenue.

Dubai index gained 4%, its biggest weekly rise since June last year, while Abu Dhabi posted weekly gains of 2.7%, according to LSEG data.

Toll operator Salik Company climbed 2.2%, while state-run utility firm Dubai Electricity and Water Authority added 1.3%.

Oil prices - a key catalyst for the Gulf’s financial markets - were up 0.1% at $67.63 a barrel by 1141 GMT.