Dubai’s stock market ended higher on Friday as investors remain optimistic regarding the economic development of the emirate, while the Abu Dhabi index finished flat.

Dubai’s main share index gained 0.5%, buoyed by a 14.7% surge in Mashreq Bank, after its unit Oman Insurance approved cash dividends totaling 92.4 million dirhams ($25.16 million) for the financial year ended December 2021.

The Dubai index saw its fourth weekly gain.

Among other gainers, Dubai Electricity and Water Authority (DEWA), which debuted on Tuesday in the region’s biggest initial public offering since Saudi Aramco, advanced 4.4%.

Gulf markets end mixed, Saudi slips after 7-day rally

“DEWA’s stock has returned to the upside after some price corrections. The IPO has helped attract international investors to the market, which could benefit other listed stocks,” said Eman AlAyyaf, CEO of EA Trading.

In Abu Dhabi, the index reversed early losses to close flat.

Shares of First Abu Dhabi Bank, the country’s largest lender, fell 1.5%.

On Thursday, the lender withdrew its offer to buy a controlling stake in Egyptian investment bank EFG Hermes.

The deal with EFG Hermes would have given the UAE’s biggest lender access to the Egyptian investment bank’s strong franchise in the Middle East and North Africa region.

ABU DHABI flat 0.4% at 9,970DUBAI added 0.5% to 3,602