Dubai gains as UAE eases travel curbs

Major bourses in the Gulf ended mixed yesterday, knocked by tensions in the region after the seizure of an oil product tanker, although an easing of UAE travel curbs boosted the Dubai index.

Saudi Arabia’s benchmark index dropped 0.4 per cent, with Al Rajhi Bank losing 0.5pc, while Savola Group declined 4.5pc. The food retailer reported a second-quarter net profit of 200 million riyals ($53.33m) down from 409.6m riyals year ago.

In Abu Dhabi, the index lost 0.4pc, pressured by a 1.2pc fall in the country’s largest lender First Abu Dhabi Bank.

The main share index in Dubai, the Middle East’s travel and tourism hub, advanced 0.6pc, with Dubai Islamic Bank advancing 2.8pc. Dubai’s state airport operator expects a surge in passenger traffic over the coming weeks and months, its chief executive said yesterday, after the UAE announced an easing of travel restrictions from African and Asian countries.




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