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Abu Dhabi stocks climb with OPEC+ deal in sight

Abu Dhabi stocks climb with OPEC+ deal in sight

Abu Dhabi’s ADX General Index rose 0.2 percent as of 11:37 a.m. local time, while Dubai’s DFM Index slipped less than 0.1 percent Equities in the United Arab Emirates’ capital rose as investors await a meeting between OPEC and its allies on Sunday and ahead of a long holiday. Abu Dhabi’s ADX General Index rose

Abu Dhabi’s ADX General Index rose 0.2 percent as of 11:37 a.m. local time, while Dubai’s DFM Index slipped less than 0.1 percent

Equities in the United Arab Emirates’ capital rose as investors await a meeting between OPEC and its allies on Sunday and ahead of a long holiday.

Abu Dhabi’s ADX General Index rose 0.2 percent as of 11:37 a.m. local time, while Dubai’s DFM Index slipped less than 0.1 percent. The volume of trade in both exchanges was lower than the 30-day average ahead of the four-day Eid holiday, which starts Monday.

The meeting is the latest sign that a bitter standoff between Saudi Arabia and the United Arab Emirates has been resolved. The UAE blocked earlier this month an OPEC+ deal that group leaders Russia and Saudi Arabia hashed out to increase output, demanding better terms for itself. Officials have said privately in recent days that a full meeting would only be called if a deal was in reach.

OPEC+ set to meet as oil group edges toward end of standoff

A truce would open the way to more oil coming onto the market, easing a looming supply squeeze and averting an inflationary price spike

It would also put an end to a diplomatic spat that has unnerved oil traders. Brent crude fell 2.6 percent to $73.59 per barrel last week, the biggest weekly decline since May 21.

“We would expect to see some level of compromise to have been reached with regards to the UAE’s production baseline being increased,” said Fahd Iqbal, the head of Middle East research at Credit Suisse AG in Dubai.

Middle Eastern Markets:

First Abu Dhabi Bank gains 0.5 percent, adding the most to the gauge’s increase
Other stocks rising: Etisalat +0.4 percent, International Holding Co. +0.6 percent, Adnoc Distribution +0.6 percent

NOTE: Abu Dhabi Commercial Bank is expected to deliver financial results Sunday
Bahrain-based GFH Financial Group is reconsidering its decision to delist from Kuwait’s stock exchange
Exchanges in Kuwait, Qatar, Saudi Arabia, Oman and Israel are closed for holidays

Key News:

Mubadala Investment Co. is seeking a value of more than $20 billion including debt for Emirates Global Aluminium PJSC as it inches closer to listing the business, according to people familiar with the matter.
Kuwait was downgraded by S&P Global Ratings for a second time in less than two years after a fall in oil revenue and increased spending pressured the Persian Gulf nation’s fiscal outlook.
The United States is transferring $600 million to Jordan’s Treasury as part of a cash grant to the Middle East kingdom.

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