UAE rise alongside oil prices

United Arab Emirates (UAE) markets closed higher yesterday as oil prices rose on uncertainty over the supply outlook.

Falling US crude inventories and looming US sanctions against Iran are a risk to supply in an already tight market despite OPEC pledges to raise output.  Property and financial shares led the Dubai index higher with developers Emaar Properties and DAMAC Properties rising 1.8 per cent and 1.9pc respectively.

 Dubai Islamic Bank gained 0.8pc and Emirates NBD ended up 1pc. Contractor Drake & Scull International (DSI) bounced 3.3pc after a 9.9pc drop on Tuesday. DSI, one of the weakest stocks in the Dubai index, fell after the outcome of an investigation into “violations” by previous management.

The Dubai index closed 0.8pc higher. Abu Dhabi National Energy Co jumped 4.6pc and Dana Gas  was up 1pc on the back of higher oil prices. Financial shares also rose, with First Abu Dhabi Bank up 0.4pc and Abu Dhabi Commercial Bank up 0.7pc.

The Abu Dhabi index closed 0.5pc higher. In Qatar, telecom shares Vodafone Qatar and Ooredoo rose 2.1pc and 1.7pc respectively. Petrochemicals, metals, and fertiliser producer Industries Qatar was up 1.2pc.

The Qatar index ending the day 0.5pc higher. Savola Group, Saudi Arabia’s largest food products company, lost 2.2pc, and regional dairy company Almarai closed 1.5pc lower. The Saudi index ended 0.1pc higher at 8,247 points.