Page 90 - SALIK PR REPORT DECEMBER 2024

12/27/24, 11:48 AM Dubai Outperforms Other Gulf Markets in Early Trade
stock markets across the Gulf region also showed upward momentum, largely

supported by an increase in oil prices.

Oil prices, which play a crucial role in driving the financial markets of Gulf

countries, saw a modest increase of 0.1%. This rise was attributed to growing

optimism about the possibility of fiscal stimulus measures in China, as well as

expectations of a decline in U.S. crude oil inventories. By 0805 GMT, Brent

crude was trading at $73.064 per barrel, providing additional support to the

financial markets across the region.

Dubai’s main stock index climbed 0.4% to 5,101, marking its highest level in

over 10 years and extending its winning streak to three sessions. Among the

notable performers, Emaar Development rose 1.2%, while toll operator Salik

Company gained 0.6%.

However, Dubai Islamic Insurance & Reinsurance fell 2.3% after reporting

accumulated losses amounting to 73% of its capital by the end of the third

quarter.

The benchmark stock index in Saudi Arabia inched up 0.2% as most sectors

rose. Al Yamamah Steel Industries gained 1.8% as the company released a net

profit for the full year and announced a cash dividend of 0.5 riyal per share. In

the meantime, Arabian Contracting Services went up by 2.3% after signing a

563.2 million riyal contract with the Royal Commission for Riyadh City.

Abu Dhabi’s benchmark index also gained 0.2%, driven by a 1% increase in

Emirates Telecom and a 0.7% rise in Alpha Dhabi Holding. On the downside,

Abu Dhabi Ports slid 1.4%. The company announced on Wednesday the

completion of integrating Noatum Group’s assets into its business operations.

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