Dubai Leads Major Gulf Markets Higher

Major stock markets in the Gulf rose in early trade on Monday, with indexes in the United Arab Emirates leading the gains on the back of their financial and property shares.

Dubais main share index advanced 1.9, with bluechip developer Emaar Properties jumping 3.8 and shariacompliant lender Dubai Islamic Bank rising 2.4.

Dubais house prices are expected to fall at a slower pace this year and next than previously thought as hopes for a successful vaccine rollout and an economic recovery boost confidence in the sector, a Reuters poll showed.

The UAE ranks second globally on vaccine rollout per head of population.

In Abu Dhabi, the index gained 1.1, led by a 1.2 increase in the UAEs largest lender, First Abu Dhabi Bank.

Elsewhere, Abu Dhabi Commercial Bank added 0.8, despite reporting a lower 2020 profit of 3.81 billion dirhams 1.04 billion, down from 5.24 billion dirhams a year earlier.

However, it beat analysts mean net profit estimate of 3.46 billion dirhams, according to Refinitiv data.

On Sunday, the UAE recorded 2,948 new COVID19 infections, down from a peak of 3,966 last week, and reported 12 deaths for the second day in a row.

Saudi Arabias benchmark index was up 0.1, with Banque Saudi Fransi and SABIC AgriNutrients Co rising 1.7 and 2.7, respectively.

Meanwhile, the kingdoms health minister said on Sunday that complacency around coronavirus restrictions had led to a notable increase in daily cases.

In Qatar, the index edged up 0.1, supported by a 0.9 gain…

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