Islamabad, Dec 27: Dubai’s benchmark stock index surged 0.6% to 5,112 on Thursday, reaching its highest level in over a decade. Key contributors included Dubai Electricity and Water Authority, up 1.5%, and Emaar Development, advancing 2%. Shuaa Capital led the rally, climbing 5.4% following the restructuring of 208 million dirhams ($56.64 million) in debt facilities.
Key Insights:
- Annual Performance: Dubai’s index is set to achieve a 25.9% gain for the year, marking its best performance since 2021.
- Economic Position: Dubai’s diversified economy and strong fundamentals are fueling optimism for further growth and increased IPO activities in 2025, noted XTB MENA’s Hani Abuagla.
Regional Highlights:
- Qatar: The index fell 0.5%, with Qatar National Bank dropping 1.2%.
- Saudi Arabia: Declined 0.3%, impacted by a dip in Saudi Aramco and Saudi Industrial Investment.
- Abu Dhabi: Slipped 0.4%, pressured by International Holding and First Abu Dhabi Bank.
- Egypt: Blue-chip index decreased 0.2%, weighed down by losses in Commercial International Bank and El Sewedy Electric.
Summary of Gulf Markets:
| Market | Movement | Closing Value |
|---|---|---|
| Dubai | +0.6% | 5,112 |
| Qatar | -0.5% | 10,413 |
| Saudi Arabia | -0.3% | 11,859 |
| Abu Dhabi | -0.4% | 9,377 |
| Kuwait | +0.1% | 7,870 |
| Bahrain | Flat | 1,986 |
| Oman | -0.3% | 4,468 |
| Egypt | -0.2% | 29,958 |
The Gulf markets remained cautious as investors adjusted to fewer anticipated rate cuts by the U.S. Federal Reserve in 2025.
