Mideast Stocks: UAE stocks rise as oil gains on IEA's market outlook
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 advancing 1.4%, while business park operator Tecom Group added 1.8%. Among financials, Ajman Bank 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 inched 0.2% higher, supported by a 2.5% increase in IHC-owned investment firm Multiply Group and 2.4% rise in real estate giant Aldar Properties.
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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