Mideast Stocks: Most Gulf markets track oil prices higher; Dubai at 8-year high

Mideast Stocks: Most Gulf markets track oil prices higher; Dubai at 8-year high

Most stock markets in the Gulf ended higher on Tuesday, tracking oil prices, with the Dubai index at its highest in nearly eight years. Prices of oil - which fuels the Gulf's economy - ticked higher as markets weighed supply cuts for August by top exporters Saudi Arabia and Russia against a weak global economic outlook. On Monday, Saudi Arabia said it would extend its voluntary output cut of 1 million barrels per day (bpd) to August, while Russia and Algeria volunteered to lower their output and export levels for August by 500,000 bpd and 20,000 bpd respectively. Saudi Arabia's benchmark index gained 0.6%, with Saudi Awwal Bank rising 3.4%, while Saudi Airline Catering Co surged 9.8% after it announced a contract with Red Sea Global Co valued at about 6.3 billion riyals ($1.7 billion). Dubai's main share index advanced 1.4% to hit its highest in nearly eight years, buoyed by a 3.9% jump in top lender Emirates NBD, which is trading near a record high. Elsewhere, blue-chip developer Emaar Properties edged 0.2% higher, hitting its highest since 2018. The Dubai bourse extended its gains with traders reacting to an improved credit rating of Emaar Properties, as well as new