Mideast Stocks: Dubai hits highest mark in nearly 11 years on strong corporate earnings
The Dubai index jumped to its highest level in more than a decade on Friday, with the industrial and material sectors leading the charge driven by strong corporate earnings, while Abu Dhabi extended losses.
Dubai's main index rose 0.8% to 5,362 points - a mark it last touched in May 2014 - extending gains from the previous session, bolstered by a 3.4% rise in toll operator Salik Company and a 4.4% advance in low-cost carrier Air Arabia. Salik reported 1.16 billion dirhams ($315.84 million) in full-year net profit, beating analysts' estimate of 1.14 billion dirhams.
Sharjah-based Air Arabia recorded a 56% increase in fourth-quarter net profit to 351 million dirhams ($95.57 million) and raised its annual dividend to 25 fils per share. Dubai's stock market continued the week's upward trajectory, reaching peak levels not seen since 2014 as its strong momentum persisted, supported by robust earnings, said Hassan Fawaz, chairman & founder of GivTrade.
"(The) market appears well-positioned to maintain its upward momentum" on the back of "strong earnings and robust economic fundamentals", he said.
However, Abu Dhabi's benchmark index slipped 0.3%, dragged by a 1.4% decrease in Adnoc Drilling and 1.5% decline in conglomerate Alpha Dhabi Holding. Among the losers, healthcare services provider Burjeel Holding declined 9.8% after the firm reported a 33% decline in full-year net profit.
Oil prices - a key catalyst for Gulf's financial markets - rose on Friday and were poised to end three weeks of decline, buoyed by rising fuel demand and expectations that U.S. President Donald Trump's plans for global reciprocal tariffs would not come into effect until April, buying some time to avert a full-blown trade war. Brent crude was up 0.29% to $75.25 a barrel by 1054 GMT.
Dubai index notched up 2.4%, its highest weekly gain in 2025, while Abu Dhabi recorded a 0.4% weekly rise, according to data compiled by LSEG.
($1 = 3.6728 UAE dirham)
(Reporting by Mohd Edrees in Bengaluru; Editing by Pooja Desai)
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