Stock exchanges in the United Arab Emirates closed higher on Friday, with Abu Dhabi's main index boosted by a rise in telecom operator Emirates Telecommunications Group - known as E& - after the firm raised its stake in UK-based Vodafone Group.

The Abu Dhabi index jumped 0.8%, rising for a fifth session in a row, bolstered by a 3.4% increase in Emirates Telecommunications Group, while the UAE's largest lender First Abu Dhabi Bank gained 2%. E&, the UAE's biggest Telecom operator, increased its stake in Vodafone Group to 13%.

Among other gainers, National Marine Dredging surged 3.1% to hit around a 20-year-high, a day after the firm posted a 30% increase in annual net profit to 1.30 billion dirhams ($353.9 million).

Abu Dhabi's main index posted weekly gain of 2%, while the Dubai index ended the week with 1.6% returns, according to Refinitiv data. Dubai's benchmark index settled 0.5% higher, lifted by a strong performance in financial and industrial sector stocks.

MashreqBank, which helped Dubai's index to stay in positive territory amid volatile trading, advanced 15%, its highest percentage gain since late September, after the lender with other banks was picked to arrange an issuance of U.S. dollar-denominated sustainable sukuk for Dubai Islamic Bank under its $7.5 billion issuance programme.

However, Islamic Arab Insurance declined 3.5% after the Sharia-compliant insurer announced the resignation of its CEO Fahim Al Sehhi.

  • ABU DHABI up 0.8% to 9,851
  • DUBAI rose 0.5% to 3,383

(Reporting by Mohd Edrees in Bengaluru; Editing by Toby Chopra)