PC: Reuters
Dubai’s main index shot up to a 0.8% increase on Friday, hitting a high of 5,362 points, the highest since May 2014. The design for this rally was in very good hands, pushing industrial and material sectors forward. The market extended the gains of the previous session, helped by a rise of 3.4% by Salik Company and an advance of 4.4% by economy carrier Air Arabia.
For the year, Salik recorded a net profit of 1.16 billion dirhams ($315.84 million), more than the analysts’ estimates of 1.14 billion dirhams, while, on its part, Sharjah-based Air Arabia announced delivering to shareholders a better fourth-quarter net profit worth 351 million dirhams ($95.57 million) or an increase of 56%. The board also approved raising the annual dividend to 25 fils per share, which raised investor confidence in the company.
Per week, Dubai’s stock market sustained its positive move, reaching levels not reached in over a decade. Solid performance was backed up by strong earnings, according to the chairman and founder of GivTrade, Hassan Fawaz, who stated that the market is well-placed to continue with its positive momentum, based on strong earnings and economic fundamentals.
Unlike the rally in Dubai, Abu Dhabi’s benchmark fell by 0.3%. Adnoc Drilling dropped by 1.4% and conglomerate Alpha Dhabi Holdings fell by 1.5%. Healthcare services provider Burjeel Holdings was among the biggest losers, down 9.8% after releasing news of a 33% drop in full-year net profit.
Oil prices, playing a big role in determining the Gulf region’s financial markets, reversed a three-week declining trend on Friday to move higher, primarily pushed by stronger global fuel demand amidst the possibility that U.S. President Donald Trump would not implement his proposed global reciprocal tariffs until April.
The delay calmed nerves among investors as it afforded the possibility for negotiations to continue, which, if fruitless, could prevent a full-blown trade war. Accordingly, Brent crude was up 0.29% at $75.25 per barrel as of 1054 GMT.
For the week, Dubai’s stock market recorded the most glittering performance, with an increase of 2.4%-so far the most the index has seen in 2025-showing a steady improvement of investor confidence and strong corporate earnings. Abu Dhabi’s stock index posted a shade of increase, advancing 0.4% for the week, as compiled by LSEG.
The latest closing prices listed:
– Abu Dhabi down 0.3% to 9,626 points
– Dubai up 0.8% to 5,362 points.
($1 = 3.6728 UAE dirham)
