“Abu Dhabi” rises to a record level, recording the best performance among the Gulf stock exchanges


Most of the Gulf stock exchanges rose yesterday, while the Abu Dhabi index recorded its highest level ever, led by the gains of its largest local banks.
According to “Reuters”, the Abu Dhabi index rose 0.9 percent to 7,949 points, to its highest level ever, with the share of First Abu Dhabi Bank, the largest bank in the UAE, rising 2.1 percent.
Abdulaziz Al Ghurair, head of the UAE Banks Federation, said yesterday that he expects the assets of UAE banks to grow 8 percent in 2022, adding that the UAE economy will reap the benefits of the World Expo 2020 for about nine years.
In Dubai, the main index rose 0.8 percent to 2881 points, led by an 8.7 percent jump in “Aramex” for logistics services. Aramex’s shares rose 14.9 percent in the previous session, the largest daily gain since January 2009, after a direct agreement worth 1.41 billion dirhams “$384 million” to buy 295 million of the company’s shares. On the other hand, the “Union Properties” share declined by 4.8 percent. And “Reuters” reported yesterday, quoting the Emirates News Agency, that the Public Prosecutor began an investigation into accusations of financial irregularities raised by the Securities and Commodities Authority against executives in the company.
In Qatar, the index closed down 0.4 percent to 11,821 points due to a 2.4 percent decline in the Petrochemical Industries Qatar share. A senior Qatari official said Thursday that business owners in the country will have to provide health insurance for foreign expatriates and their families under a new law issued by the Emir of Qatar last week. Shares of “Qatar Insurance” rose 1.4 percent. The Bahrain index rose 0.7 percent to 1736 points. The Muscat index rose 0.2 percent to 3,991 points. The Kuwait index added 0.3 percent to 7,559 points.
In Cairo, the main index of the Egyptian Stock Exchange increased 0.5 percent to 11,186 points, with the rise of most of its component shares. A Reuters poll showed that the Egyptian economy is expected to grow by 5.1 percent in the fiscal year until June 2022, and that growth will accelerate to 5.5 percent in the next two years as the tourism sector continues to recover and the effects of the Corona virus pandemic decline.


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