UAE stocks rise as oil gains on IEA's market outlook
Crude prices rose after the International Energy Agency said on Friday the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power-generation.
Brent crude was up 0.5% at $68.99 a barrel as of 1110 GMT.
Dubai's main market rose by 0.4%, hitting a fresh 17-year peak as its upward momentum entered into a third straight week of gains.
Real estate stocks also drove gains in the index, with market heavyweight Emaar Properties (EMAR.DU), opens new tab advancing 1.4%, while business park operator Tecom Group (TECOM.DU), opens new tab added 1.8%.
Among financials, Ajman Bank (AJBNK.DU), opens new tab was one of the top performers, jumping 3.4% after the Ajman government raised its stake in the lender to 31.1%.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab inched 0.2% higher, supported by a 2.5% increase in IHC-owned investment firm Multiply Group (MULTIPLY.AD), opens new tab and 2.4% rise in real estate giant Aldar Properties (ALDAR.AD), opens new tab.
Separately, Adnoc Gas signed a three-year LNG supply agreement worth AED 1.5 billion ($408.42 million) with Germany's SEFE, although the Abu Dhabi-based company's shares closed unchanged.
For the week, Dubai's index recorded a 1.8% gain, while Abu Dhabi's index rose 0.8%, according to data from LSEG.
($1 = 3.6727 UAE dirham)
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