UAE markets track oil prices higher
![UAE markets track oil prices higher](https://yemenonline.info/media/imgs/news/1714757443021229200.png)
Stock markets in the United Arab Emirates rose on Friday, tracking gains in oil prices on the prospect that OPEC+ will continue to curb output.
Three sources from the OPEC+ group said it could extend its voluntary oil output cuts of 2.2 million barrels per day beyond June if oil demand does not increase.
Brent crude was up 0.3% to $83.94 a barrel by 1124 GMT.
Abu Dhabi's benchmark index (.FTFADGI), settled 0.1% higher, rebounding back from previous two sessions' losses, helped by a 3.9% surge in IHC-owned investment firm Multiply Group (MULTIPLY.AD), ahead of its earnings later in the day.
Market heavyweight First Abu Dhabi Bank (FAB.AD), opens new tab and Aldar Properties (ALDAR.AD), gained 0.7% and 2.1%, respectively.
Among the gainers, Abu Dhabi Aviation (ADAVIATION.AD), opens new tab surges 7.2%, its highest intraday gain in 10 months, after the firm completed the acquisition of stakes in Etihad Airways Engineering, Advanced Military Maintenance Repair and Overhaul Centre (AMMROC) and Global Aerospace Logistics (GAL) from Abu Dhabi sovereign wealth fund ADQ's subsidiary.
Dubai's main index (.DFMGI), opens new tab edged up 0.1%, supported by a 1.3% rise in state-run Dubai Electricity and Water Authority (DEWAA.DU), opens new tab and 2.4% increase in Emaar Development (EMAARDEV.DU) .
While gains in the index were stemmed by a 1.3% decline in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and 0.6% decrease in top lender Emirates NBD Bank(ENBD.DU).
Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi welcomed on Wednesday the agreement between the legitimate Yemeni governme…
Two people, including a child, were killed in strikes on Nuseirat refugee camp in Gaza on Sunday morning but the strikes will not stop efforts to p…
The United Arab Emirates has handed prison sentences to 57 Bangladeshi expatriates for protesting against their government while in the Gulf countr…