DUBAI: Major stock markets in the Gulf ended higher on Sunday, with Dubai leading the gains following its plans to tourism capacity, while Egypt was supported by gains in SODIC. Dubai’s main share index advanced 1%, buoyed by a 2.3% rise in Shariah-compliant lender Dubai Islamic Bank and a 1.7% increase in Emaar Properties.
Dubai government said on Saturday it plans to increase its tourism and hotel capacity by 134% over the next 20 years, part of a wider plan to make the emirate more competitive as Gulf countries brace for the post-oil era.
The Dubai-2040 plan forecasts 400% increase in beach capacity and 168 square km (65 square miles) of lands allocated to logistics and other businesses, a government statement said.
In Abu Dhabi, the index gained 0.8%, with the country’s largest lender First Abu Dhabi Bank, while Aldar Properties finished 2.2% higher. Aldar, Abu Dhabi’s largest real estate developer, offered to buy a majority stake in Egypt’s Six of October for Development and Investment Company (SODIC).
The Saudi stock market index gained 0.8% percent, as majority of its listed lenders advanced. Alinma Bank was the top gainer amongst its peers, jumping 4.3%. Separately, Reuters reported in November that Saudi Arabia plans to ease foreign workers’ contractual restrictions, abolishing a controversial seven-decade-old sponsorship system known as kafala.
The plans, to take effect in March 2021, aim to make the Saudi labour market more attractive, the deputy minister for human resources said, by granting foreign workers the right to change jobs and leave the country without employers’ permission.
In Qatar, the index edged up 0.2%, helped by a 0.6% gain in petrochemical maker Industries Qatar. Outside the Gulf, Egypt’s blue-chip index added 0.3%, with Fawry Banking rising 6.5%, while SODIC leapt 4.6% after Aldar offered to buy majority stake in the firm.
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