Most Gulf bourses track oil prices, Asian shares higher | Reuters

Most Gulf bourses track oil prices, Asian shares higher | Reuters

Most stock markets in the Gulf rose in early trade on Tuesday, tracking gains in oil prices and Asian shares as some investors grew less fearful about economic damage from the Omicron variant of COVID-19.

Saudi Arabia's benchmark index (.TASI) gained 0.6%, with Al Rajhi Bank (1120.SE) rising 1% and oil behemoth Saudi Aramco (2222.SE) adding 0.6%.

Oil prices, a key catalyst for the Gulf's financial markets, extended gains with prices trading near the previous day's one-month high on hopes that the Omicron variant will have a limited impact on fuel demand.

Meanwhile, Saudi Arabia delayed the launch of a major development strategy for the city of Riyadh up to 2030 until next year due to some "incomplete elements", the state news agency SPA reported. read more

The kingdom is investing $220 billion to transform Riyadh into a global city by 2030, and expects to attract a similar amount of investment from the private sector, Reuters reported in January, citing the head of the royal commission for the capital. read more

Dubai's main share index (.DFMGI) rose 0.3%, supported by a 0.8% rise in blue-chip developer Emaar Properties (EMAR.DU).

The United Arab Emirates has approved the emergency use of Sinopharm's protein-based COVID-19 vaccine and it will be available to the public as a booster dose starting January 2022, the health ministry said. read more

The Qatari index (.QSI) edged 0.2% higher, on course to end two sessions of losses, with Qatar Fuel gaining 0.9%.

In Abu Dhabi, the index (.ADI) fell 0.4%, hit by a 0.8% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD).