Most major Gulf markets little changed; Dubai outshines | Reuters

Most major Gulf markets little changed; Dubai outshines | Reuters

Dubai’s stock market extended the previous session’s gains on Thursday as the emirate began COVID-19 inoculations with the Pfizer-BioNTech vaccine, while other major Gulf markets were little changed.

Dubai’s main share index rose 1%, with blue-chip developer Emaar Properties advancing 2.6%, while Emirates NBD Bank was up 1.4%.

The emirate started rolling out the COVID-19 vaccine produced by Pfizer and BioNTech for free from Wednesday, the government said, joining Saudi Arabia which last week became the first Arab country to begin using the vaccine.

S&P Global warned earlier this year that Dubai’s economy was set to shrink 11% in 2020, almost four times the drop in GDP experienced during the global financial crisis in 2009.

In Abu Dhabi, the index edged up 0.1%, with the country’s largest lender First Abu Dhabi Bank 0.2% higher.

Aldar Properties gained 0.6%. It signed an agreement on Wednesday to divest two of its district cooling assets on Abu Dhabi’s Saadiyat Island to National Central Cooling Company (Tabreed) for 963 million dirhams ($262.20 million).

The Qatari index added 0.1%, with Qatar Islamic Bank up 2.4%.

Saudi Arabia’s benchmark index eased 0.1%, hit by a 0.7% fall in Al Rajhi Bank.