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Most Gulf markets follow oil higher; Dubai hits 8-year high

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July 4 (Reuters) – Most stock markets in the Gulf region closed higher on Tuesday, tracking oil prices, with the Dubai index hitting its highest level in almost eight years.

Oil Prices – Driving Gulf Economy – go higher That came as markets weighed supply cuts in top exporters Saudi Arabia and Russia in August against a weaker global economic outlook.

on Monday, Saudi Arabia Russia and Algeria have voluntarily lowered production and export levels in August by 500,000 bpd and 20,000 bpd, respectively.

Saudi Arabia Benchmark Index (.one) Saudi Awwal Bank rose 0.6 percent (1060.SE) rose 3.4 percent, while Saudi Airlines Catering (6004.SE) Shares of Red Sea Global Co soared 9.8 percent after announcing a contract worth about 6.3 billion riyals ($1.7 billion) with Red Sea Global Co.

Dubai main stock index (.DFMGI) Shares of top bank Emirates NBD rose 1.4% to their highest level in nearly eight years, boosted by a 3.9% rise in top bank Emirates NBD (ENBD.DU)which is trading near record highs.

Elsewhere, blue-chip developer Emaar Properties (Emma. You) It edged up 0.2 percent, its highest level since 2018.

Ahmed Negm, head of market research for the Middle East and North Africa at XS.com, said the Dubai bourse expanded as traders responded to an upgrade of Emaar Properties’ credit rating and new economic initiatives announced by the federal government. increased.

“Both of these things have boosted sentiment and could help push the market higher,” he said.

United Arab Emirates (UAE) A new federal investment ministry will be created Develop global and domestic investment strategies for the Gulf countries in response to growing economic competition from neighboring countries.

Sheikh Mohammed said the ministry’s goals included stimulating the UAE’s investment climate and making its legislation and procedures more competitive to attract global investment.

In Abu Dhabi, the index (.FTFADGI) rose 0.4%.

Outside the Gulf, Egypt Blue Chip Index (.EGX30) – Trading resumed after a five-session break – down 1.1 percent, hit by a 2 percent drop in top bank Commercial International Bank (COMI.CA).

($1 = 3.7502 riyals)

Reporting by Ateeq Shariff in Bengaluru; Editing by David Holmes

Our standards: Thomson Reuters Trust Principles.

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