Markets in Abu Dhabi and Dubai rose for the second consecutive session, buoyed by higher oil prices and a rebound in European stocks.
World stocks, however, were still on track for their first weekly loss in four as the prospect of aggressive global rate hikes and geopolitical risks rattled investors.
Dubai's main share index (.DFMGI) advanced 0.8% in its biggest daily percentage gain in ten days.
The index rose 0.2% for the week, a subdued mood after the rally in the previous week following the stellar response to state run Dubai Water and Authority's subscription for initial public offering.
Shares of International Holding Co (IHC.AD) ended 3% higher after the company said it will invest 7.3 billion dirhams ($1.99 billion) in three of Indian conglomerate Adani Group's portfolio companies. read more
In Abu Dhabi, the index (.FTFADGI) closed up nearly 1% and posted its third consecutive weekly gain with a 1.7% rise.
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