Stock markets in the United Arab Emirates closed slightly higher on Friday, as investors kept a close watch on high-stakes negotiations between Iran and the United States over Tehran’s nuclear program.
Dubai’s main index rose 0.2%, extending gains for a fifth straight session and hitting its highest level since early 2006. The index also posted a weekly gain of 4%, its strongest performance since June last year, according to LSEG data.
Talks between Iran and the United States, mediated by Oman, kicked off on Friday. While both sides have signaled they’re willing to resolve the long-running nuclear dispute, Washington has said it wants the discussions to also cover Iran’s regional influence and domestic policies.
Abu Dhabi’s benchmark index edged up 0.1%, supported by a 0.8% rise in Aldar Properties and a 0.5% gain in Adnoc Gas, ahead of the company’s earnings announcement later in the day. The Abu Dhabi market recorded a weekly gain of 2.7%.
Elsewhere, Salik Company climbed 2.2%, while state utility Dubai Electricity and Water Authority added 1.3%.
However, Dana Gas fell 3.3% after the Sharjah-based firm reported a 14% decline in full-year profit and a 27% drop in annual revenue.
Oil prices, a key driver of Gulf markets, were slightly higher, with Brent crude up 0.1% at $67.63 a barrel by 1141 GMT.