Stock markets in the United Arab Emirates ended higher on Friday, tracking gains in oil prices following OPEC+'s agreement to tighten global supply with a deal to cut production targets by two million barrels per day (bpd).
Crude prices, a key catalyst for the Gulf's financial markets, were headed for a second weekly gain, trading over $95 a barrel, up from around $88 earlier this week. The cut from the Organization of Petroleum Exporting Countries and allies including Russia, known as OPEC+, comes ahead of a European Union embargo on Russian oil and will squeeze supply in an already tight market.
Dubai's main share index advanced 0.7%, led by a 1.5% rise in top lender Emirates NBD. The Dubai bourse registered a weekly gain of over 1%, its first in three weeks. Separately, Indian cosmetics and fashion retailer Nykaa and Dubai-based lifestyle and fashion conglomerate Apparel Group have struck an alliance to expand in the Gulf region, the companies said on Thursday.
In Abu Dhabi, the index closed 0.1% higher and also posted its first weekly gain in three weeks, supported by a 1.3% rise in telecoms firm e&, formerly know as Emirates Telecommunications. Major stock markets elsewhere in the Gulf region are closed on Friday.
(Reporting by Ateeq Shariff in Bengaluru, Editing by Mark Potter)