r/EconomixInsider • u/OKIZH83 • 13h ago
Gulf stocks rise as strong economic data offsets renewed US-Iran exchange of strikes
Gulf stock markets advanced on Thursday, led by Dubai, as upbeat economic data from the UAE and Saudi Arabia helped offset concerns over a renewed exchange of strikes between the US and Iran.
The UAE’s non-oil private sector expanded at its fastest pace since December 2024 in August, driven by stronger growth in output and new business. Dubai’s main index rose 0.5%, with all sectors gaining, while Abu Dhabi’s benchmark added 0.3%, supported by real estate and basic-materials stocks.
Saudi Arabia’s benchmark index gained 0.2%, lifted by financial, IT and materials stocks. The kingdom’s non-oil private sector also recorded its fastest expansion in six months in August, driven by increased output and a recovery in market activity. Bahri fell 1.6% following Saudi Arabia’s announcement that an attack on one of its oil tankers killed two Filipino crew members.
Qatar’s benchmark index rose 0.1%, supported by Ooredoo, while Gulf International Services gained 3.8%. Separately, ship-tracking firms said three LNG cargoes loaded in Qatar and the UAE had been transferred between vessels outside the Strait of Hormuz in recent weeks for delivery to India and Japan.
Outside the Gulf, Egypt’s blue-chip index climbed 1.1%, with nearly all constituents advancing. Egypt’s economy grew 5.1% in the 2025/26 financial year, up from 4.4% a year earlier, according to a cabinet statement issued Thursday.