Mideast Stocks: Gulf shares rise as Iran-Israel ceasefire holds
Stock markets in the Gulf rose in early trade on Thursday, extending gains from the previous sessions amid rising oil prices as a ceasefire between Israel and Iran appeared to be holding.
U.S. President Donald Trump hailed the swift end to the air war between Iran and Israel and said Washington would likely seek a commitment from Tehran to end its nuclear ambitions at talks with Iranian officials next week.
Saudi Arabia's benchmark stock index extended its gains to a fourth straight session, rising 0.2%, with most sectors in the green. Oil major Saudi Aramco added 0.3% and Red Sea International climbed 3%.
Modular house manufacturer Red Sea said on Wednesday it planned to float its mechanical, electrical and plumbing subsidiary on the Saudi market.
Oil prices, a catalyst for the Gulf's financial markets, were up 0.2% as a larger-than-expected draw in U.S. crude stocks signalled firm demand. Brent crude was trading at $67.83 a barrel by 0805 GMT.
The Abu Dhabi benchmark index rose 0.4%, aided by a 5.3% advance in RAK Properties and a 0.6% gain in Borouge.
Petrochemical company Borouge said on Wednesday it would collaborate with Honeywell on a project to deliver the petrochemical industry's first AI-driven control room.
Dubai's benchmark stock index was up for a fifth straight session, advancing 0.6%, pushed up by the materials, industry and finance sectors.
Tolls operator Salik gained 1.8% and Emirates NBD , the emirate's largest lender, added 0.6%.
The Qatari benchmark index was marginally up, propped up by gains in the materials, utilities and communications sectors.
Vodafone Qatar advanced 1.2% while Qatar National Bank, the region's largest lender, shed 0.3%.
Qatar Investment Authority and Canadian asset manager Fiera Capital have launched a $200 million fund to boost foreign and local investment into the Gulf state's stock market, QIA said on Wednesday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
an hour ago
- The National
'Without these labourers we are nothing': Dubai campaign delivers relief amid record heat
As the UAE officially enters summer − following the hottest May on record, with temperatures topping 50°C − authorities and community groups are stepping up efforts to protect outdoor workers from extreme heat. In Dubai, the second year of the Al Freej Fridge campaign − Al Freej means neighbourhood in Arabic − is distributing cold drinks and frozen treats to thousands of frontline workers. As temperatures neared the 40°C mark on Saturday, construction workers from developer Azizi Group received cooling treats from volunteers, including Mirwais Azizi, founder and chairman of Azizi Developments, and four of his grandchildren. The campaign, led by neighbourhood community initiative Ferjan Dubai, with support from the Mohammed bin Rashid Al Maktoum Global Initiatives, the UAE Water Aid Foundation − also known as Suqia − and the UAE Food Bank, aims to distribute more than two million bottles of water, juice and frozen treats to Dubai's frontline workers. Employees including cleaners, construction workers, delivery drivers and landscapers across Dubai are set to benefit from the initiative over the summer months. 'Without these labourers we are nothing. Without them we can't build anything in Dubai.' Mr Azizi told The National. 'I came today to give small gifts to labourers to show them respect.' Ibrahim Al Blooshi, director of sustainability and partnership at MBRGI said: 'Today, we distributed 12,500 items to over 4,000 workers. The initiative will be running until August 23.' Organisers say roaming refrigerated trucks and fixed fridges at worker accommodation ensure consistent access to cold drinks. Volunteers are also using personal vehicles to distribute beverages to sites across the city. Halim Mondal, a 30-year-old Indian carpenter, told The National that it's a good break from his routine work at Azizi Venice construction site in Dubai South. 'Usually, we take break in the afternoon and rest. Today, they asked us to line up for some gifts.' Shahzaib Alaldden, 28-year-old construction worker from Pakistan, said the initiative is a testament that Dubai really cares for its workers. 'I have an ice cream, a bottle of water and juice. It's a beautiful gesture,' Mr Alaldden told The National. 'I've been working in Dubai for six months in Azizi group. With the rise of summer temperatures, our managers make sure that we have enough water and good labour conditions.' The campaign comes as Dubai authorities ramp up enforcement of the midday break rule. The annual ban prevents labourers from carrying out any work under direct sunlight between 12pm and 3pm throughout the three-month period. An estimated half million construction workers in Dubai are expected to benefit from the Ministry of Labour's three-month mandatory midday break regulation this year.
The National
3 hours ago
- The National
Dubai's biggest lender Emirates NBD to start charging for remittances
Emirates NBD, Dubai's biggest bank by assets, will start charging fees for international transfers made via its app or online banking from September 1. The bank will charge a fee of Dh26.25 for remittances, including those made through DirectRemit, it said in an email to customers. DirectRemit is a platform that allows customers to transfer money via online or mobile banking in 60 seconds to countries including India, Pakistan, Sri Lanka, Egypt, the Philippines and the UK. Emirates NBD will also charge a fee of up to Dh26.25 for recalling and cancelling local and international transfers, it said. The move by the lender may prompt other banks to start imposing fees on remittances and may be a boon for exchange houses who offer lower charges, an analyst said. 'Introducing a Dh26.25 fee from September 2025 marks a shift, and as the largest local bank sets the tone, it's possible others may follow,' Dhruv Tanna, associate vice president at DIFC-based investment and wealth management firm PhillipCapital, told The National. Some lenders such as RAK Bank already impose a fee for international transfers, charging Dh15.75 for the Philippines and Dh26.25 for India, according to its website. Mashreq bank has zero fees for Pakistan and India, but charges a flat fee of Dh26.25 for the Philippines, according to its website. Others such as FAB have zero transfer fees for instant transfers to countries including India, Pakistan, Philippines, Sri Lanka, the UK and the EU, according to its website. 'For exchange houses, this presents a renewed opportunity to attract price-sensitive customers with lower transfer fees and competitive rates. Still, many mid- to high-income customers may continue to choose banks for the convenience, even with a nominal charge,' Mr Tanna said. Based on World Bank data, remittances to low- and middle-income countries are expected grow by 2.3 per cent in 2024 and 2.8 per cent in 2025, reaching $690 billion in 2025. Remittances by expatriates in the UAE and wider region to their home countries are a major source of foreign currency inflows for those economies.
Khaleej Times
3 hours ago
- Khaleej Times
UAE travel: Emirates extends cancellation of flights to and from Tehran until July 5
Dubai's flagship carrier Emirates on Saturday said its flights to and from Tehran, Iran, will remain suspended till July 5, 2025. The decision comes as Iran's airspace remains closed for airlines despite the Israel-Iran ceasefire that followed a 12-day conflict between the two countries. UAE airlines have mostly resumed their operation as scheduled prior to the air war. Flightradar24 said: 'flight routes are returning to near-normal in the Middle East' after bombs and missiles". Data showed that airlines are also avoiding Syrian airspace due to geopolitical tension in the region. Emirates, the Dubai-based carrier and the world's largest international airline, said operations to Baghdad will recommence on Tuesday, July 1, 2025, and Basra on Wednesday, July 2, 2025. Customers connecting through Dubai to Iraq will be accepted for travel at their point of origin. It added that customers connecting through Dubai with final destinations in Iran will not be accepted for travel at their point of origin until further notice. 'Customers impacted by flight cancellations must contact their travel agency for rebooking,' it said. 'The safety of our passengers, employees and operations will always be our top priority,' it said.
