United Arab Emirates stock exchanges ended higher on Friday, tracking global equities after U.S. Federal Reserve chair indicated that rate cuts might start within months.

The MSCI All-Country stock index was up 0.9%, while MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4%.

Federal Reserve Chair Jerome Powell said on Thursday the U.S. central bank was “not far” from gaining the confidence it needs in falling inflation to begin cutting interest rates.

Monetary policy in the six-member Gulf Cooperation Council is usually guided by Fed policy since most regional currencies are pegged to the U.S. dollar.

Dubai’s main index rose 0.4%, lifted by a 2.5% jump in Emirates Central Cooling System Corporation, while Dubai’s blue-chip developer Emaar Properties added 0.7%.

The slight rebound on Dubai’s stock market followed strong declines early this week.

Daniel Takieddine, CEO MENA at BDSwiss, said strong real estate stocks could help drive the market higher.

Gulf markets mixed ahead of key Fed Powell testimony

Among the gainers on Friday, Commercial Bank of Dubai gained 3.5% after the board elected Ahmad Abdulkarim Mohammad Julfar as chairman.

Dubai index lost 2.4%, its steepest weekly decline since Oct. 20 last year, LSEG data showed.

After trading down for almost the whole session, Abu Dhabi’s benchmark index closed 0.1% higher, helped by a 1.7% rise in Emirates Telecommunication Group (also know as E&), as well as a 0.7% gain in utility giant Abu Dhabi National Energy Company.

Abu Dhabi National Hotel also gained 1.5% after it reached agreement to acquire Compass Group International’s entire stake in their joint ventures operating UAE.

Separately, Abu Dhabi wealth fund ADQ has chosen advisers, including HSBC Holdings, Citigroup and First Abu Dhabi Bank, for a potential initial public offering of Etihad Airways, Bloomberg News reported on Thursday.

=================================== ABU DHABI    up 0.1% to 9,234 DUBAI        gained 0.4% to 4,253===================================