Stock markets in the United Arab Emirates ended mixed on Friday amid falling oil prices as investors bet on interest rates staying elevated for longer.

Minutes from the U.S. Federal Reserve this week showed most members of its rate-setting committee continued to see significant upside risks to inflation, suggesting more hikes are in the pipeline.

Most Gulf Cooperation Council countries (GCC), including the UAE, have their currencies pegged to the dollar and generally follow the Fed’s policy moves, exposing the region to a direct impact from any U.S. monetary tightening.

Oil prices, a major driver for Gulf economies, looked set to close down this week following seven weeks of gains, with Brent crude slipping 0.55% to $83.68 a barrel as of 1233 GMT.

Major Gulf markets subdued on worries over China, US rates

Abu Dhabi’s benchmark index edged up 0.2% after seven consecutive sessions of falls, supported by a 0.3% rise in the country’s largest lender First Abu Dhabi Bank and a 1.6% lift in Emirates Telecommunications Group.

Reuters on Friday reported that Abu Dhabi National Energy Company said it was not in talks over any investment in the Adani Group’s power businesses. TAQA’s shares were down 0.3%.

Abu Dhabi’s index was down 0.8% for the week after three consecutive weekly gains.

In Dubai, the main share index was flat on Friday but down 0.3% for the week.

Industrial and utilities stocks were among the top losers on the index. Toll operator Salik Company fell 2.6%, while Emirates Central Cooling Systems Corp was down more than 1%.

======================================= ABU DHABI     up 0.2% to 9,801 points DUBAI         flat at 4,051 points=======================================