Dubai leads major Gulf markets higher in early trade

Most major Gulf stock markets were in positive territory early on Wednesday, led by financial stocks, with Dubai's index boosted by gains in DAMAC Properties.

Dubai's main share index rose 0.7%, buoyed by a 14.4% surge in DAMAC Properties as investors hunted for bargains.

There has been speculation about possible plans to take the company private but no final decision has been taken yet.


Hussain Sajwani, who founded the company nearly two decades ago, has been exploring the deal since late 2019 after DAMAC's share price plunged over the past two years.

Saudi Arabia's benchmark index gained 0.3%, with Al Rajhi Bank rising 0.6% and petrochemical firm Saudi Basic Industries increasing 0.7%.

The Abu Dhabi index added 0.2%, helped by a 0.4% rise in the country's largest lender First Abu Dhabi Bank and a 1.1% increase in Abu Dhabi Commercial Bank.

In Qatar, the index slipped 0.1%, with Qatar Insurance dropping 2%.

However, gains in the Gulf's largest lender Qatar National Bank, which was up 0.5%, limited losses.