Dubai leads Gulf gains as investors assess US midterm fallout and Iran standoff

Gulf equity markets mostly advanced on Wednesday, with Dubai’s main index rising 4% to 6,041 as investors weighed the political fallout from US midterm elections and developments in the Iran standoff, Business Recorder reported. Saudi Arabia gained 1.7% to 10,039, while Qatar climbed 2.8% to 9,884. Abu Dhabi ended unchanged at 9,461.

Dubai’s gains included a 6.1% rise in Emirates NBD and a 4.4% increase in Emaar Properties. Emaar Properties is offering AED 15 per share in cash for the Emaar Development shares it does not already own, through a wholly owned subsidiary; Emaar Development rose 4.9%. Egypt’s index also added 2.8%, while Bahrain, Oman and Kuwait each advanced 0.5%.

Market sentiment improved amid signs of progress in mediation between Washington and Tehran, while reports suggested the United States was unlikely to resume military action. A US official said strikes on Iran’s Qeshm island targeted surface-to-air missiles, and another described them as limited; Qatar said both sides remained committed to mediation.