Stock markets in the United Arab Emirates closed lower on Friday in thin trade ahead of Eid-Al-Adha holidays.

In Abu Dhabi, the index lost 0.5%, with the country's largest lender First Abu Dhabi Bank (FAB) falling 0.2%, while conglomerate International Holding Company slipped 1.6%, in its biggest decline since March 2023.

Many investors prefer to cash in holdings ahead of the Eid holiday, which lasts for a week in Saudi Arabia, Egypt and at least three days in UAE and other Gulf countries.

Dubai's main share index closed up 0.1%, as both blue-chip developer Emaar Properties and lender Emirates NBD Bank gained 0.3%. Abu Dhabi index was down 0.3% on a weekly basis while Dubai index closed flat this week.

  • ABU DHABI fell 0.5% to 8,933 points
  • DUBAI edged up 0.1% to 3,984 points

(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Shailesh Kuber)