Mideast Stocks: Dubai leads most Gulf markets higher; Saudi eases

Mideast Stocks: Dubai leads most Gulf markets higher; Saudi eases

Most stock markets in the Gulf ended higher on Wednesday, with Dubai leading gains boosted by its top lender Emirates NBD, while Saudi bucked the trend to close lower.Dubai's main share index advanced 1.4%, with Emirates NBD jumping 4.4% and sharia-compliant lender Dubai Islamic Bank up 0.8%.Emirates NBD recorded a more 20% increase in the number and value of fund transfers via its DirectRemit platform in 2020 compared to the previous year. Property stocks also drove gains, with blue-chip developer Emaar Properties ending 1% higher.In Abu Dhabi, the index added 0.3%, with Aldar Properties surging 8.1% in its biggest intraday gain since October.On Wednesday, the Abu Dhabi Executive Council approved a framework between the Abu Dhabi Government and Aldar Properties for development of capital projects in the emirate. The framework includes Aldar taking on the management of 30 billion dirhams ($8.17 billion) worth of major projects.The index's gains, however, were limited by losses at telecoms firm Etisalat, which closed 3.2% lower.Etisalat had posted its best day in nearly six years on Tuesday as the company called a board meeting for Wednesday to discuss increasing the foreign ownership limit in the firm. Qatar's main index gained 0.3%, led by a 3.3% jump in market