Mideast Stocks: UAE stocks inch higher as geopolitical tensions ease, AI sector shines
Israeli officials said prospects for reaching a ceasefire and hostage deal appeared high, nearly 21 months since the war between Israel and Hamas began.
In Dubai, the main stock index ended the day 0.1% higher after spending most of the session in negative territory. The late recovery was driven by a 1.3% gain in Emirates NBD Bank and a 1.2% rise in Dubai Investments. However, Taaleem Holdings, a major operator of international schools, fell 1.2% after reporting a 5% drop in third quarter net profit to 82.03 million dirhams ($22.33 million).
Abu Dhabi's benchmark index also edged up 0.1%, supported by strong performances in AI and next-generation technology stocks. Presight AI, a big data analytics firm, surged 14.9% to an all-time high of 3.9 dirhams per share since its listing in March 2023. Space42, an AI-powered space technology company, jumped 10.4%, marking its biggest intraday gain since May 2023.
According to Traze CEO Erkin Kamran, AI and tech stocks are likely to remain in favour as the UAE accelerates its push to become a global AI hub.
Easing U.S.-China trade tensions and reduced restrictions on AI exports are also expected to attract more investor interest in the sector. For the week, the Abu Dhabi and Dubai indexes logged 1% and 1.2% gains respectively, according to LSEG data.
Oil prices - a key catalyst for the Gulf's financial markets - drifted lower on Friday as eight OPEC+ countries are likely to make another accelerated oil output increase for August at a meeting on Saturday, sources from the producer group told Reuters, as they seek to regain market share. Brent crude was down 0.7% at $68.29 a barrel by 1204 GMT.
ABU DHABI rose 0.1% to 9,981
DUBAI up 0.1% to 5,753
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