Mideast Stocks: Most Gulf bourses rebound on rising crude prices

Mideast Stocks: Most Gulf bourses rebound on rising crude prices

Most stock markets in the Gulf rebounded on Tuesday amid rising oil prices, although the Abu Dhabi index bucked the trend to close lower.

Crude prices, a key catalyst for the Gulf's financial markets, rose for a second day on increasing concerns about tightening European supply after Russia, a key energy supplier to the region, cut gas supply through a major pipeline. Europe's crude, oil product and gas supplies have been disrupted by a combination of Western sanctions and payment disputes with Russia since its Feb. 24 invasion of Ukraine, which Moscow calls a "special military operation."

Saudi Arabia's benchmark index gained 0.8%, with Banque Saudi Fransi advancing 2% and Arab National Bank putting on 1.7%.

Saudi Crown Prince Mohammed bin Salman said the NEOM business zone would likely be publicly listed in 2024, al-Ekhbariya TV reported. "NEOM will add a trillion riyals ($266 billion) to the Saudi stock market value. At least 1.2 trillion riyals in the beginning and the overall will increase after project completion to exceed 5 trillion," said the crown prince, who is the kingdom's de-facto ruler.

The Qatari benchmark gained 0.6%, with Qatar Navigation advancing 5%. The Qatari stock market extended its gains boosted by the rise in natural