Most Gulf stock markets edged higher early Tuesday amid optimism over new business agreements between the UAE and the United States. Dubai’s main share index climbed to an all-time high for the third consecutive session, boosted by the prospect of expanding the presence of American AI and cloud firms in the Middle East.
OpenAI recently announced plans to build a major new data center in the UAE, reinforcing investor confidence in the region’s tech sector. Dubai’s index rose 0.07%, helped by a strong 3.25% gain in National General Insurance Co.
Abu Dhabi’s benchmark index also advanced 0.33%, while Qatar’s stock index increased 0.41%, led by a 1.99% rise in Islamic Bank Masraf Al Rayan.
Conversely, Saudi Arabia’s benchmark index dipped 0.04%, pressured by a 4.17% decline in Etihad Atheeb Telecommunication Company.
Elsewhere, water distributor Miahona surged 4.52%, ranking among the top performers.
Brent crude futures slipped 0.41% as investors monitored developments in Russia-Ukraine peace negotiations and US-Iran talks, weighing potential supply impacts.
In broader markets, MSCI’s Asia-Pacific index excluding Japan rose 0.33%, while Wall Street futures traded lower amid concerns following Moody’s downgrade of the US credit rating.
