Mideast Stocks: Dubai rises on higher oil prices; FAB drags on Abu Dhabi

Mideast Stocks: Dubai rises on higher oil prices; FAB drags on Abu Dhabi

Stock markets in Dubai rose on Friday as upbeat demand growth forecasts from OPEC and the International Energy Agency (IEA) lifted oil prices, while lender FAB weighed on Abu Dhabi's index.

The IEA warned that global inventories could fall sharply over the rest of 2023, after the Organization of Petroleum Exporting Countries on Thursday said it expects global oil demand to rise by 2.25 million bpd in 2024, compared with growth of 2.44 million bpd this year. Brent crude was up 57 cents, or 0.7%, at $86.96 a barrel at 1206 GMT.

In Dubai, the main share index added 0.4% after falling for four consecutive sessions. Emirates NBD Bank, Dubai's largest lender, rose more than 3% while toll operator Salik Company was up 2% after reporting second quarter earnings.

Emaar Properties, Dubai's largest listed real estate firm, was also up more than 0.7% the day after reporting second-quarter earnings. The Index fell 0.5% over the course of the week.

In Abu Dhabi, the benchmark index dropped 0.3%, for a third negative session in a row, pressured by a 1.1% fall for the country's largest lender First Abu Dhabi Bank and a 1.6% drop in Alpha Dhabi Holding. The index was up 1% on the