MIDEAST STOCKS- #Dubai leads as big Gulf markets gain on stimulus pledges | Nasdaq

MIDEAST STOCKS-Dubai leads as big Gulf markets gain on stimulus pledges | Nasdaq

Major Gulf stock markets traded higher on Monday, with Dubai's main share index .DFMGI on track to end two sessions of losses with a 0.8% increase, buoyed by a 2.6% rise in Emirates NBD ENBD.DU and a 1.3% lift in Emaar Properties EMAR.DU.

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 .ADI edged up 0.3%, supported by a 1.1% gain in telecoms firm Etisalat ETISALAT.AD, while Saudi Arabia's benchmark index .TASI added 0.3%, with Al Rajhi Bank 1120.SE and petrochemical firm Saudi Basic Industries 2010.SE 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 .QSI rose 0.1%, helped by a 0.8% gain in the shares of sharia-compliant lender Masraf Al Rayan MARK.QA