Most Gulf markets ended higher on Tuesday, tracking oil prices, with the Abu Dhabi index outperforming the region ahead of its biggest-ever initial public offering (IPO) of Borouge.

In Abu Dhabi, the index advanced 1.6%, nearing the peak hit in April, boosted by a 3.6% jump in First Abu Dhabi Bank.

Abu Dhabi-based petrochemicals company Borouge, which is owned by Abu Dhabi National Oil Company (ADNOC) and Austria’s Borealis, raised more than $2 billion on Tuesday after demand for its IPO topped $83.4 billion.

The shares are due to start trading on the Abu Dhabi Securities Exchange (ADX) on Friday.

The Abu Dhabi bourse was supported by stronger oil prices and the success of Borouge’s fundraise, said Farah Mourad, senior market analyst of XTB MENA.

“The listing has attracted the interest of many investors and could help push the market higher in the coming days.”

Gulf markets close mixed on growth worries

Saudi Arabia’s benchmark index edged up 0.1%, helped by a 3.6% jump in Saudi National Bank and a 1.1% increase in oil giant Saudi Aramco.

Crude prices, a key catalyst for the Gulf’s financial market, extended a bull run after the EU agreed to a partial and phased ban on Russian oil and China decided to lift some coronavirus restrictions amid rising demand ahead of the peak U.S. and European summer driving season.

Dubai’s main share index concluded 0.1% higher, with blue-chip developer Emaar Properties advancing 2.5%.

Dubai house prices are set to mostly rise steadily over the next two years, driven by demand from foreign investors, according to a Reuters poll of analysts, who cautioned that higher interest rates and lack of affordable homes could curb activity.

The Qatari index firmed 0.2%, with Gulf’s biggest lender Qatar National Bank ending 2.7% higher.

Outside the Gulf, Egypt’s blue-chip index rose 0.4%, led by a 0.9% rise in Commercial International Bank Egypt.

Egypt’s M2 money supply rose by 23.7% year-on-year in April, data from the central bank showed on Tuesday.

SAUDI ARABIA rose 0.1% to 12,922

ABU DHABI up 1.5% to 10,055

DUBAI added 0.1% to 3,347

QATAR gained 0.2% to 12,919

EGYPT rose 0.4% to 10,150

BAHRAIN was up 0.7% to 1,921

OMAN lost 0.5% to 4,116

KUWAIT added 0.3% to 8,676