Stock markets in the United Arab Emirates rose on Friday, mirroring gains in global equities ahead of a key reading of U.S. inflation that investors largely believe will not alter hopes of a rate cut by the Federal Reserve next week.
Broader MSCI index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab and European index, and the STOXX 600 (.STOXX), opens new tab were up 0.3% respectively.
U.S. personal consumption expenditures (PCE) price index - the Fed's preferred gauge of inflation - is due later in the day.
A majority of more than 100 economists polled by Reuters forecast the Fed will reduce its key interest rate by 25 basis points at its December 9-10 meeting.
Dubai's main index (.DFMGI), opens new tab advanced 0.9%, extending gains to a fourth session, lifted by gains in heavyweight real estate and banking sector stocks.
Blue-chip developer Emaar Properties (EMAR.DU), opens new tab and its construction arm Emaar Development (EMAARDEV.DU), opens new tab climbed 2.9% and 4.7% respectively, while banking giants Emirates NBD Bank (ENBD.DU), opens new tab and Dubai Islamic Bank (DISB.DU), opens new tab jumped 2.5% and 1.1%.
Emaar Properties unveiled 'Dubai Square', a next-generation flagship retail and lifestyle hub at the heart of the AED 180 billion Dubai Creek Harbour mega-development.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab settled 0.4% higher, supported by a 2.5% rise in Aldar Properties (ALDAR.AD), opens new tab and a 3% hike in energy shipper Adnoc Logistics & Services (ADNOCLS.AD), opens new tab.
Aldar and Mubadala Capital announced Aldar Capital, a platform linking global institutional investors to prime real estate and infrastructure opportunities across the UAE and wider GCC.
Its first fund, planned for launch in 2026, is seeking to raise $1 billion in capital.
Dubai index recorded 2.5% gain in the week, its biggest increase in more than four months, while Abu Dhabi closed the week up 2.1%, its best performance since late June, according to LSEG data.
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