Stock markets in United Arab Emirates closed slightly higher on Friday, lifted by a rebound in Dubai's Middle East crude benchmark spot premium, after plunging to a 22-month low in the previous session.

Gains in energy stocks helped Abu Dhabi's benchmark index to extend gains to third session, with the index rising 0.1%.

Abu Dhabi's energy shipper, Adnoc Logistics & Services and Adnoc Gas jumped 1.7% and 0.6% respectively, while IHC-owned investment firm Multiply Group increased 2.3%. Energy infrastructure contractor NMDC Group gained 1.3% after the firm signed a project worth $610.1 million with the Pasay Harbor City Corporation (PHCC) to undertake large-scale dredging and land reclamation activities in Manila Bay.

Separately, Abu Dhabi's International Holding Co (IHC) will acquire a 43.5% stake in Sammaan Capital SMMN.NS for 88.50 billion rupees ($997.7 million), in a major bet on India's fast-growing housing finance market.

Dubai's main market edged up 0.02%, supported by a 0.7% hike in toll-operator Salik Company and 7.1% surge in school operator Taaleem Holding.

Dubai registered 1.1% weekly gains, while Abu Dhabi notched 0.7% on a weekly basis - data compiled by LSEG

  • ABU DHABI rose 0.1% to 10,072
  • DUBAI up 0.02% to 5,918

(Reporting by Mohd Edrees in Bengaluru; Editing by Janane Venkatraman)