Abu Dubai stocks rose across the Arabian Gulf for the second day in a row on Thursday, propped up by a late surge in banking stocks.
Shares in Dubai were unchanged on a mixed day for property stocks, while Saudi equities closed lower for a second straight day.
The index shares in Abu Dhabi closed up nearly 0.8 per cent at 4,617.16, even as volumes remained subdued.
First Abu Dhabi Bank led the gains, closing up 1.8 per cent at a one-year high of Dh11.50. ADCB closed up 1.4 per cent at Dh7.05, while Etisalat also gained.
Mid-cap property and construction stocks were the big gainers in Dubai, as investors piled into Union Properties. The developer’s shares closed up 4.8 per cent at a three-month high of 99 fils, following the apparent departure of the long-standing chairman Khalid bin Kalban earlier this week.
Damac Properties also gained, finishing up 2 per cent at Dh2.61.
The index bellwether Emaar Properties, meanwhile, closed down 1.8 per cent at Dh7.28, after Bloomberg reported that Blackstone and CVC Capital Partners were among buyout firms weighing a bid for a stake in the company’s entertainment division.
Arabtec Holding shares rose by as much as 4.7 per cent in early trading before closing up 1.6 per cent at 83 fils, after the construction firm announced its first quarterly profit in two- and-a-half years
The Dubai Financial Market General Index finished the day up just 0.02 per cent at 3,419.73.
In Saudi Arabia, the Tadawul index ended the day down 0.6 per cent, dragged lower by National Commercial Bank and Sabic.
jeverington@thenational.ae
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
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Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
How to tell if your child is being bullied at school
Sudden change in behaviour or displays higher levels of stress or anxiety
Shows signs of depression or isolation
Ability to sleep well diminishes
Academic performance begins to deteriorate
Changes in eating habits
Struggles to concentrate
Refuses to go to school
Behaviour changes and is aggressive towards siblings
Begins to use language they do not normally use
Changing visa rules
For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.
Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.
It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.
The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.
The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.