Mideast Stocks: UAE stocks bounce back amid hopes of regional de-escalation
The White House said on Thursday that President Donald Trump would decide on "whether or not to go" with U.S. involvement in the conflict in the next two weeks, citing the possibility of negotiations involving Iran in the near future.
Dubai's main index snapped a three-day losing streak, rising 1.6%, driven by gains in real estate and materials sector stocks.
Among the top performers, Dubai's developer Emaar Properties jumped 1.2%, while state-owned Parkin Company advanced 4.8%.
Separately, UAE created a new ministry of foreign trade, and appointed Thani al Zeyoudi as its minister, the United Arab Emirates prime minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said in a post on X on Friday.
Abu Dhabi's benchmark index (.FTFADGI) also rebounded, gaining 1% after three consecutive sessions of losses. First Abu Dhabi Bank rose 2.7%, while Adnoc Gas advanced 2.5%.
Real estate developer Aldar Properties gained 4.5% after reporting over AED 3.5 billion in sales at its Fahid Beach Residences and The Beach House projects.
Despite Friday's gains, Dubai's index posted a second consecutive weekly loss, down 0.2% after nine straight weeks of gains. Abu Dhabi mirrored the trend with a 0.5% weekly decline, according to LSEG data.
Meanwhile, oil prices — a key driver of Gulf financial markets — fell 2.3% to $77.04 per barrel as of 11:40 GMT.
(Reporting by Mohd Edrees in Bengaluru; Editing by Shailesh Kuber)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
42 minutes ago
- Khaleej Times
After Pakistan, Israeli PM nominates Trump for Nobel Peace Prize
Israeli Prime Minister Benjamin Netanyahu said on Monday he has nominated US President Donald Trump for the Nobel Peace Prize, presenting the US leader with a letter he sent to the prize committee. "He's forging peace as we speak, in one country, in one region after the other," Netanyahu said at a dinner with Trump at the White House. Trump has received multiple Nobel Peace Prize nominations from supporters and loyal lawmakers over the years, and has made no secret of his irritation at missing out on the prestigious award. Last month, the Pakistani government decided to formally recommend him for the 2026 Nobel Peace Prize, citing his "decisive diplomatic intervention and pivotal leadership" during the recent conflict between India and Pakistan. The conflict ended in a ceasefire after several days of cross-border shelling. The Republican has complained that he had been overlooked by the Norwegian Nobel Committee for his mediating role in conflicts between India and Pakistan, as well as Serbia and Kosovo. Trump himself has demanded credit for "keeping peace" between Egypt and Ethiopia and brokering the Abraham Accords, a series of agreements aiming to normalise relations between Israel and several Arab nations. Trump campaigned for office as a "peacemaker" who would use his negotiating skills to quickly end wars in Ukraine and Gaza, although both conflicts are still raging more than five months into his presidency.
The National
an hour ago
- The National
US and Lebanon plot Hezbollah disarmament and Houthis rattle Red Sea crews
US special envoy Thomas Barrack said he was satisfied with Lebanon's response to a US call for Hezbollah to disarm. Yemen's Houthi rebels said they retaliated after an Israeli strike. Brics leaders condemned US and Israeli attacks on Iran. On today's episode of Trending Middle East: US envoy 'unbelievably satisfied' with Lebanese response to proposal on Hezbollah disarmament Israel strikes Yemen ports after ship attack by Houthis in Red Sea Brics leaders condemn attacks on Iran and tell Israel to leave Gaza This episode features Nada Homsi, Lebanon Correspondent; and Thomas Helm, Jerusalem Correspondent.
The National
an hour ago
- The National
Dubai's plan to help first-time buyers is about more than property
The UAE has become widely recognised as a place of opportunity in a world struggling with sluggish economic growth. Abu Dhabi and Dubai consistently appear in regional and global lists for an enviable quality of life that goes hand in hand with a dynamic and diversifying economy. Over the years, Dubai's glittering skyline became synonymous with glamour and luxury living. But there is a more nuanced picture, and that is increasingly true in Dubai's housing market, too. Less than a week ago, Dubai Land Department announced that the emirate was teaming up with 13 developers and five banks to launch a scheme that would support first-time buyers who want to get their foot on the property ladder. Participating developers will offer flexible payment plans, priority access to new homes and discounts on the sales price of off-plan units. Banks will be able to offer mortgages with better interest rates, faster approval times and reduced fees and buyers will be able to pay the DLD registration fee through banks or credit cards at zero-interest rates. There is no minimum salary requirement and Emirates ID holders of any nationality who are aged 18 and above can take part. It is a comprehensive package of measures that has the potential to revolutionise Dubai's property market – but it could achieve much more than that. With the UAE's residency permits for retired people and remote workers, as well as the expansion of its 10-year golden visa programme and overall economic growth, the country is increasingly becoming a place that attracts people from all walks of life, not for a few years, but for the long term. By making home ownership a realistic possibility for more people, the country is not only empowering residents, it is also laying the foundations for a strong society and sustainable future. The DLD expects 5,000 new investors to enter the market this year following the initiative. Potentially, this could mean thousands more families either owning a home in the UAE or acquiring an important asset that could generate wealth for generations to come. Many homeowners invest time and money not only in their properties but in their neighbourhoods and communities too. By helping to make homeownership a reality for more people, Dubai can expect to develop even more cohesive neighbourhoods with strong community bonds, which could increase the emirate's appeal in a competitive global market for international talent. The Dubai Land Department expects 5,000 new investors to enter the market this year following the initiative. Potentially, this could mean thousands more families owning a home in the UAE The scheme also offers more immediate benefits. An energised real-estate sector means more construction activity, leading to significant job creation as building materials manufacturers, architects, workers and tradespeople find themselves in demand. Of course, such demand will be closely managed – even the most well-designed and implemented first-time buyers' scheme is vulnerable to fluctuating property prices. As the UAE continues its evolving journey, giving people the opportunity to accumulate intergenerational wealth – as well as fulfilling the human need to have a home of one's own – is likely to pay dividends in the future for society as a whole.
