UAE Stocks Close Higher

Stocks in the UAE closed higher today, Friday, following gains in oil prices as U.S. Secretary of State Antony Blinken prepares to visit the Middle East to try to prevent the escalation of the conflict between Israel and Gaza. Oil prices rebounded today, with Brent crude rising 0.46 percent to $77.95 per barrel by 11:24 GMT. Gains from ADNOC-owned companies helped keep Abu Dhabi's main index in the green, with both ADNOC Drilling and ADNOC Logistics and Services rising 2.7 percent. Among the winners was International Holding Company, which increased by 0.2 percent, as well as First Abu Dhabi Bank, the largest bank in the UAE, which gained 0.3 percent. The Dubai benchmark index closed slightly higher by 0.2 percent, supported by a 1.7 percent increase in the share of Emirates Central Cooling Systems Corporation (Empower) and a 0.4 percent rise in Dubai Islamic Bank's share. Abu Dhabi and Dubai indexes rose 0.9 percent and 0.7 percent, respectively, in the first week of the year, according to London Stock Exchange data.