An investor walks into the Dubai International Financial Market in Dubai, UAE February 7, 2018. REUTERS/Satish Kumar
Dec 16 (Reuters) – Major stock markets in the Gulf rose in early trade on Thursday, in line with oil prices and Asian shares, after the U.S. Federal Reserve flagged a long-awaited end to its monetary stimulus next year but delivered an otherwise upbeat economic outlook.
Saudi Arabia’s benchmark market (.TASI) gained 0.8%, buoyed by a 1.3% rise in Al Rajhi Bank (1120.SE) and a 1.9% increase in Saudi Basic Industries Corp (SABIC) (2010.SE).
SABIC, the world’s fourth-biggest petrochemicals company by sales and asset value, proposed a second-half dividend of 2.25 riyals per share.
In Abu Dhabi, the index (.ADI) edged up 0.1%, with telecoms firm Etisalat (ETISALAT.AD) putting on 1.2%.
Oil prices, a key catalyst for the Gulf’s financial markets, rose as the United States implied consumer petroleum demand surged to a record high in the world’s top oil consumer even as the Omicron variant of coronavirus threatens to dent oil consumption globally.
Dubai’s main share index (.DFMGI) added 0.3%, supported by a 1% rise in blue-chip developer Emaar Properties (EMAR.DU) and a 1.1% increase in Dubai Investments (DINV.DU).
Dubai Investments has made an offer to gain full ownership of National General Insurance Co (NGI) in a deal that values the company at nearly 468 million dirhams ($127.43 million). read more Shares of NGI were up 0.3%.
The Qatari index (.QSI) rose 0.4%, with petrochemical firm Industries Qatar (IQCD.QA) rising 1.3%.
The central bank of Qatar said on Thursday it will start working on a gradual reduction of the measures introduced to support the economy given the recovery from the impact of the coronavirus crisis in the tiny but wealthy Gulf state. read more
The central bank also said the local financial and banking system was stable and domestic liquidity high.
($1 = 3.6727 UAE dirham)Reporting by Ateeq Shariff in Bengaluru; Editing by Devika Syamnath
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This article was originally published by Reuters.
Ghada Ashour, who grew up in Gaza, becomes fifth scholar selected for FIA’s flagship scholarship initiative Dubai, UAE, 8th December, 2025: The FIA’s United Against Online Abuse (UAOA) Campaign has welcomed Ghada Ashour, a 24-year-old student from Palestine, to its flagship scholarship programme, created to empower the next generation of researchers in the fight against online abuse in sport. Ghada grew up in Gaza where she has been studying remotely until gaining her place on the UAOA scholarship, which brought her to Dublin City University (DCU), Ireland. Becoming the fifth scholar to join the scholarship, she was selected based on her interests in social media, and her strong passion for advancing insights in this area for the benefit of everyone participating in sport. Launched in 2023, the programme offers talented students and young professionals from diverse backgrounds the opportunity to engage in cutting-edge research on the impact, prevalence, and prevention of online abuse in sport with a focus on developing practical solutions. Funded by the FIA Foundation, the UAOA scholars have been selected to undertake invaluable research at DCU based on their project proposals, dedication to achieving positive social change, and their unique perspectives approaching this issue. Ghada’s thesis, which will be printed in English and translated into Arabic, will focus specifically on the …
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