Dubai remains top GCC equity performer this year

Dubai remains top GCC equity performer this year

A woman underneath a digital board displaying stock data at the Dubai Financial Market. — AFP file

Published: Mon 4 Dec 2023, 7:47 PM

Dubai’s equities market remains the biggest gainer among Gulf bourses this year, a report showed.

According to Kamco Invest’s GCC Markets Monthly Report for November, Dubai’s stock market has gained 19.7 per cent this year, with Saudi Arabia second at 6.7 per cent being the only other index with gains through 2023. Dubai’s gains come on the back on the government’s diversification programme, along with its rising appeal as a safe investment among geopolitical uncertainties.

Overall, GCC equities witnessed the first gain in four months in November mainly led by optimism in the global markets following expectations that interest rates have peaked and central banks may start cutting rates next year, most likely during the second half, the report showed.

The MSCI GCC index gained 5.2 per cent during November. Dubai was the third-biggest gainer among the Gulf indices, gaining three per cent during the month, the report showed. Qatar was the best performing market in the GCC with a return of 5.4 per cent followed by Saudi Arabia and Dubai with gains of 4.6 per cent.

On the sectoral front, almost