Mideast Stocks: Abu Dhabi stocks close lower as lender FAB drags

Mideast Stocks: Abu Dhabi stocks close lower as lender FAB drags

Abu Dhabi's benchmark stock index closed lower on Friday, dragged down by First Abu Dhabi Bank after the United Arab Emirates' largest lender sad it was no longer evaluating a possible takeover offer for Standard Chartered.

The index declined 0.7%, with conglomerate Alpha Dhabi Holding shedding 1.3%, while state-controlled integrated utility firm Abu Dhabi National Energy Company slipped 0.6%.

Shares of First Abu Dhabi Bank dropped 2.3%. Separately, Abu Dhabi National Oil Company (ADNOC) said on Thursday it would allocate 55 billion ($14.97 billion) dirhams to support development of low-carbon solutions, new energies and decarbonisation technologies across its portfolio by 2030.

Dubai's main share index dipped 0.4%, with Sharia-compliant lender Dubai Islamic Bank down 1.1%, while blue-chip developer Emaar Properties dropped 0.7%.

- ABU DHABI down 0.7% to 10,130

- DUBAI fell 0.4% to 3,302

($1 = 3.6729 UAE dirham)

(Reporting by Mohd Edrees in Bengaluru; Editing by Subhranshu Sahu)

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