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Markets

Major Gulf markets gain, Abu Dhabi hits record high

  • Saudi Arabia's benchmark index gained 0.6%, buoyed by a 1% rise in Al Rajhi Bank and a 2.8% increase in Dr Sulaiman Al-Habib Medical Services
  • Oil behemoth Saudi Aramco was up 0.7%
Published August 17, 2021

Most major stock markets in the Gulf rebounded on Tuesday, with the Abu Dhabi index touching an all-time high boosted by gains in telecoms firm Etisalat.

Saudi Arabia's benchmark index gained 0.6%, buoyed by a 1% rise in Al Rajhi Bank and a 2.8% increase in Dr Sulaiman Al-Habib Medical Services. Oil behemoth Saudi Aramco was up 0.7%.

Saudi Aramco is looking to raise at least $17 billion from the sale of a significant minority stake in its gas pipelines, higher than the $12.4 billion raised from its oil pipeline deal, Reuters reported on Monday, citing sources familiar with the matter.

Saudi and Qatar stocks tread water amid Delta fears

In Abu Dhabi, the index advanced 0.9%, with Emirates Telecommunications Group (Etisalat) rising 2.4% after signing an agreement to acquire additional stake in Maroc Telecom Group for about $505 million.

Dubai's main share index climbed 0.4%, with blue-chip developer Emaar Properties rising 1.5% and sharia-compliant lender Dubai Islamic Bank adding 0.6%.

The Qatari index added 0.3%, with Qatar National Bank rising 1.1% and Qatar Gas Transport gaining 1.2%.

Elsewhere, United Development Company finished 0.1% higher.

Dubai district cooling firm Tabreed has sold its stake in joint venture Qatar Cool to United Development Company.

Abu Dhabi hits record high as IHC extends gains

Back in Dubai, Tabreed was down 0.3%.

Outside the Gulf, Egypt's blue-chip index fell 1%, dragged by a 2.5% drop in top lender Commercial International Bank.

Egypt has sold 622 million in one-year, euro-denominated T-bills with an average yield of 1.396%, the central bank said on Monday.

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