Mideast Stocks: Dubai and Abu Dhabi end week in positive territory as Trump wraps Gulf tour
Dubai's main share index rose to a record high on Friday, settling up 1.05%, as a slew of business deals between the United Arab Emirates and the United States boosted investor confidence.
President Donald Trump on his last stop of a Gulf tour on Friday said that the United Arab Emirates and the United States had agreed on a path for the Gulf country to buy advanced AI semiconductors from U.S. companies, a major win for Abu Dhabi's efforts to become a global AI hub.
Deals featuring advancements in AI alongside investments in aviation, energy, and other industrial sectors, have improved the outlook for various sectors and fuelled expectations for broader economic growth and development in the UAE, Osama Al Saifi, Managing Director for MENA at Traze said in a note.
Abu Dhabi's benchmark index also closed up 0.3%, the index clocked gains for fifth straight week and clocked a weekly gain of 0.29%. Meanwhile, oil prices also improved, with Brent crude futures rising 0.5% on Friday.
ABU DHABI rose 0.30% to 9,654.22
DUBAI rose 1.05% to 5,455.41
(Reporting by Chandini Monnappa and Rishab Shaju in Bengaluru; Editing by Shreya Biswas )
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