The Dubai market index rose as investors continued to be optimistic regarding the emirate’s economic development, while the Abu Dhabi index ended the day’s transactions stable.
and increased Dubai market index 0.5% in the last sessions of the week on Friday, supported by a jump in Mashreq Bank by 14.7% following its Oman Insurance unit agreed to cash dividends with a total value of 92.4 million dirhams ($ 25.16 million) for the fiscal year ending in December 2021.
The Dubai index achieved its fourth weekly increase.
Among the gainers, “Dewa”, which was first floated on the stock exchange on Tuesday in the region’s largest initial public offering since the launch of Saudi Aramco, rose 4.4%.
In Abu Dhabi, the index compensated for its losses earlier in the session and closed flat.
Shares of First Abu Dhabi Bank, the largest bank in the UAE, fell 1.5%, and the bank on Thursday withdrew its offer to buy a controlling stake in EFG Hermes.
And the deal with Egyptian Hermes would have given the largest UAE banks the opportunity to enter the activities of the Egyptian Investment Bank in the Middle East and North Africa.