Major Gulf stock markets traded higher on Monday, with Dubai’s main share index on track to end two sessions of losses with a 0.8% increase, buoyed by a 2.6% rise in Emirates NBD and a 1.3% lift in Emaar Properties.
The United Arab Emirates has approved a public debt strategy aimed at developing its market for local currency bonds, the UAE’s vice president said on Sunday.
“The goal is to build a bond market in the local currency … and stimulate the country’s financial and banking sector,” UAE Vice President and the ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum said on Twitter.
Abu Dhabi’s stock index edged up 0.3%, supported by a 1.1% gain in telecoms firm Etisalat, while Saudi Arabia’s benchmark index added 0.3%, with Al Rajhi Bank and petrochemical firm Saudi Basic Industries rising 0.3% and 0.7%, respectively.
Saudi Arabia’s Public Investment Fund plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Prince Mohammed bin Salman said on Sunday, a move that would make it one of the world’s biggest sovereign wealth funds.
The fund plans to inject at least 150 billion riyals a year into the domestic economy until 2025, he added.
The Qatari index rose 0.1%, helped by a 0.8% gain in the shares of sharia-compliant lender Masraf Al Rayan.
($1 = 3.7511 riyals)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Alexander Smith) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))