DUBAI: Most stock markets in the Gulf ended higher on Tuesday, with the Saudi index leading gains, as investors took confidence from Russia saying that some of its troops were returning to their bases.

Russia said on Tuesday some of its military units were returning to their bases after exercises near Ukraine, days after warnings from the United States and Britain that Moscow might invade its neighbour at any time.

It was not clear how many units were being withdrawn and by what distance, after a build-up of an estimated 130,000 Russian troops to the north, east and south of Ukraine.

Oil prices fell down from the seven-year high hit on Monday.

Saudi Arabia’s benchmark index advanced 1.2%, closing at its highest in more than 15 years, led by a 4% rise in Al Rajhi Bank.

On the other hand, Sahara International Petrochemical Company dropped more than 2% after it said on Monday that its plants Al Waha And SAMAPCO would go on scheduled maintenance.

The Saudi stock market could continue recovering with oil prices staying at higher levels and initial public offerings continuing, said Daniel Takieddine, chief executive officer of MENA BDSwiss.

“The market could also benefit from stabilizing inflation levels while the economy remains strong.”

Dubai’s main share index gained 1%, with sharia-compliant lender Dubai Islamic Bank rising 1.9% and budget airliner Air Arabia jumping 6.9%.

The airline swung to a full-year profit and proposed a dividend.

Elsewhere, blue-chip developer Emaar Properties added 1.2%, a day after saying it had recorded its highest ever property sales in 2021.

In Abu Dhabi, the index concluded 0.3% higher, hitting a record high.

According to Takieddine, the Abu Dhabi market could see further increases thanks to the dynamic IPO scene.

Fertilizer firm Fertiglobe climbed 3.7% after reporting a rise in fourth-quarter earnings.

The Qatari index firmed 0.2%, helped by a 2.5% rise in Mesaieed Petrochemical.

Outside the Gulf, Egypt’s blue-chip index rose 1.4%, as most of the stocks on the index were in positive territory, including Commercial International Bank, which was up 2.4%.

SAUDI ARABIA added 1.2% to 12,351

ABU DHABI up 0.3% to 9,135

DUBAI gained 1% to 3,279

QATAR firmed 0.2% to 12,714

EGYPT rose 1.4% to 11,563

BAHRAIN was up 0.3% to 1,866

OMAN lost 0.1% to 4,082

KUWAIT added 0.3% to 8,103.