The Abu Dhabi and Dubai stock markets rose on Friday, following the increase in crude oil prices as investors await the "OPEC+" decision regarding production levels for the second quarter. The growing possibility that the Saudi-led "OPEC+" alliance will extend production cuts beyond the first quarter, potentially until the end of 2024, is expected to keep oil prices at $80 or more per barrel. Oil prices, a key contributor to the Gulf region's economies, rose by 1.18% to $82.88 per barrel by 1052 GMT.
The main Dubai index climbed 1.1%, reaching its highest level in over nine years, supported by a 2.1% rise in shares of the leading Emaar Properties and a 4.6% increase in shares of Tecom Group, which operates business parks. Emaar Properties launched two new projects worth 96 billion dirhams ($26.14 billion) on Thursday. However, shares of Emirates NBD, Dubai's largest bank, fell by 5.7%, limiting the index's gains.
The Dubai index rose by 3.1% over the week, marking its highest weekly gain since November, according to data from the London Stock Exchange Group. The main index of the Abu Dhabi stock exchange increased by 0.3%, supported by a 2.6% rise in shares of Multiply Group owned by International Holding Company and a 2.9% increase in shares of Adnoc Distribution. Among the winners, shares of Borouge, a petrochemical manufacturer, jumped by 2.9% after Adnoc completed its acquisition of a 24.9% stake in OMV Austria.
