BusinessMiddle East

Middle East stocks on a steady rise

Abu Dhabi stocks rose for a fourth straight session on Thursday to a record peak as conglomerate International Holding (IHC) firmed, while the Saudi index eased ahead of an OPEC+ meeting later in the day.

The Abu Dhabi market jumped 1.5% on the back of a 5.9% surge in IHC, which on Sunday became the emirate’s most valuable listed firm after the listing of its unit Alpha Dhabi.

Operating in fields ranging from healthcare to agriculture, IHC has driven sharp growth in its financials by rapidly expanding across different major business sectors.
Its healthcare units have been involved in the treatment of COVID-19 patients in the UAE, as well as in testing and the vaccine campaign, according to IHC’s annual report.
Saudi Arabia’s benchmark index eased 0.1%, with oil giant Saudi Aramco losing 0.3%.

OPEC+ is expected to discuss a potential extension of its current oil supply deal beyond April 2022 when it meets on Thursday, Reuters reported, citing two sources from the producer group.

Dubai’s main share index gained 0.5%, on track to snap a three-day losing streak, with its top lender Emirates NBD gaining 1.5%.

The Qatari benchmark added 0.5%. Petrochemical maker Industries Qatar gained 1.3%, while Qatar National Bank, the Gulf’s largest lender, was up 0.2%.

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