Mideast Stocks: Major Gulf markets gain on US trade deals progress
The U.S. is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, Trump said on Sunday. The new rates are set to take effect from August 1.
Saudi Arabia's benchmark index added 0.3%, helped by a 0.6% gain in Al Rajhi Bank and a 3% jump in ACWA Power Company.
ACWA Power signed initial agreements to explore investment opportunities into renewable energy projects with sovereign wealth fund Danantara Indonesia and state energy firm Pertamina, according to a statement from Danantara.
Meanwhile, oil prices slipped after OPEC+ surprised markets by hiking output more than expected in August, while uncertainty over U.S. tariffs and their potential impact on global economic growth weighed on demand expectations.
Dubai's main share index gained 0.7%, led by a 1.5% rise in sharia-compliant lender Dubai Islamic Bank and a 1.3% increase in top lender Emirates NBD.
In Abu Dhabi, the index was up 0.3%.
The Qatari index firmed 0.2%, with petrochemical maker Industries Qatar trading 0.4% higher.
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- The National
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The trials are scheduled to begin later this year, with plans to launch a fully driverless commercial service in 2026. recently unveiled the seventh generation of its autonomous vehicles, developed jointly with automotive manufacturers including Toyota, GAC, and BAIC. The company's vehicles feature artificial intelligence algorithms and sensors, including lidars, radars, and cameras, designed to ensure navigation and safety across road and weather conditions. UAE denies lifetime Golden Visa claims The UAE has denied rumours it is granting lifetime Golden Visas to citizens of certain nationalities. The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) denied the accuracy of rumours circulated by some local and international media outlets and websites regarding the granting of lifetime Golden Visas to certain nationalities. 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