Mideast Stocks: Most Gulf markets rebound; Abu Dhabi extends losses

Mideast Stocks: Most Gulf markets rebound; Abu Dhabi extends losses

Most stock markets in the Gulf closed higher on Tuesday, with the Saudi index outperforming the region, having fallen sharply for several sessions over economic growth concerns.

Saudi Arabia's benchmark index rebounded 1%, having fallen more than 5% in the previous three sessions, bolstered by a 1.5% rise in Al Rajhi Bank and a 0.6% gain in Retal Urban Development Co.

Separately, chief executive officer of NEOM Tech & Digital said on Tuesday it had invested $1 billion in 2022 in artificial intelligence segment, including a metaverse platform. NEOM Tech & Digital is a subsidiary of the $500-billion signature NEOM project of the Saudi crown prince. Neom is part of the kingdom's Vision 2030 national development plan in which Crown Prince Mohammed bin Salman has poured hundreds of billions of dollars, with the aim of transforming the Saudi economy, creating jobs for its citizens, and reducing its dependence on oil.

Dubai's main share index snapped a four-session losing streak to close 0.7% higher, buoyed by a 5.2% jump in Emirates NBD Bank.

The Qatari benchmark finished 0.5% higher, helped by a 3.2% leap in Qatar Gas Transport. The Qatari stock market rebounded slightly thanks to stronger natural gas prices which rose in reaction to