Most Gulf markets gain ahead of earnings; #Saudi bourse flat | Reuters

Most Gulf markets gain ahead of earnings; Saudi bourse flat | Reuters

Most Gulf stock markets closed higher on Tuesday, with Dubai ending at its strongest level in almost two decades, as investors looked ahead to earnings and absorbed softer oil prices.

Saudi stocks, however, were flat to slightly lower, weighed by profit-taking after the recent rally.

Dubai's main share index (.DFMGI), opens new tab gained 0.5%, led by a 0.7% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 0.8% increase in utility firm Dubai Electricity and Water Authority (DEWAA.DU), opens new tab.

Further gains are possible if fourth-quarter earnings reports lift sentiment. Strong results could add momentum to a market that's already underpinned by healthy fundamentals and upbeat growth expectations for the year, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.

Saudi Arabia's benchmark index (.TASI), opens new tab concluded flat after a 3.3% rally last week triggered by the government's that it would liberalise capital market access for foreign investors, starting next month.

Meanwhile, oil prices - a catalyst for the Gulf's financial markets - were steady as investors monitored U.S. President Donald Trump's tariff threats against European states opposing his push to acquire Greenland, while firmer global economic growth expectations and a weaker U.S. dollar gave a floor to prices.

According to Takieddine, cautious sentiment prevails as investors await upcoming fourth-quarter earnings reports following a few early releases. "Meanwhile, volatility in oil prices has slightly impacted sentiment, keeping the market's immediate direction unclear."

In Abu Dhabi, the index (.FTFADGI), opens new tab rose 0.3%, helped by a 0.3% gain in ADNOC Gas (ADNOCGAS.AD), opens new tab.

India signed a $3 billion LNG deal with the UAE on Monday, making it the UAE's top customer. ADNOC Gas will supply Hindustan Petroleum (HPCL.NS), opens new tab with 0.5 million metric tons per year for 10 years as both countries move to deepen trade and defence ties.

Elsewhere, Abu Dhabi Islamic Bank (ADIB.AD), opens new tab - the emirate's largest sharia-compliant lender - advanced 1.2%, ahead of its fourth-quarter earnings release due on Wednesday.

The Qatari index (.QSI), opens new tab edged 0.1% higher, supported by a 1.3% rise in petrochemical maker Industries Qatar (IQCD.QA), opens new tab. Qatar Gas Transport (QGTS.QA), opens new tab added 0.8%, ahead of its earnings announcement later in the day.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 1.9%, hitting a new record high.

Last week, the country received 1 billion euros from the European Union and is set to receive a total of 3 billion euros in two tranches in 2026, the International Cooperation Ministry said. The grant is part of a 5 billion euro ($5.87 billion) macro-financial assistance package from the EU.

#AbuDhabi: Mubadala CEO Backs AI, Private Credit Bets Despite Market Doubts - Bloomberg

Abu Dhabi: Mubadala CEO Backs AI, Private Credit Bets Despite Market Doubts - Bloomberg

Mubadala Investment Co.’s chief executive said the Abu Dhabi wealth fund has “a lot of conviction” in artificial intelligence, despite investor concerns about exuberance in the sector.

“Leaving the noise and the hype aside, I think we have a very clear view of what we think are the investable spaces within the technology space,” Khaldoon Khalifa Al Mubarak said in a Bloomberg Television interview in Davos on Monday. “Particularly when it comes to AI enablement, there are a lot of aspects that I think we believe in.”

AI companies are raising record sums at elevated valuations, while lenders across public and private markets are pouring capital into data-center projects, prompting some investors to warn of a potential bubble.

Hours earlier, the chief executive of the Qatar Investment Authority said the fund would take a more selective approach to AI investments in the year ahead.

Mubadala also remains confident about its private credit investments, even as the asset class faces increased scrutiny.

Returns from its private credit portfolio were in the mid-double digits in 2025, Al Mubarak said. “We remain quite bullish and firm on that space.”

His comments echo those of deputy group CEO Waleed Al Mokarrab Al Muhairi, who in December dismissed concerns about structural weaknesses in private credit, saying Mubadala’s investments were holding up well.

Investor unease intensified last year after a pair of collapses exposed losses at banks and investment firms. Lower returns and concerns about credit quality have since dampened enthusiasm for the $1.7 trillion market, prompting some investors to pull capital from private credit vehicles.

Amid rising geopolitical tensions, Al Mubarak said Mubadala aims to remain agnostic. “We try to pick our sectors right, we try to position ourselves with the right partners — west, east, north, south.”

He said the fund has historically been underinvested in Asia but is now expanding its footprint, citing strong performance in South Korea, Japan and China in 2025. “I think it worked very well for us.”