Dubai gains on further lockdown easing; other Gulf stocks dip

The Dubai stock market rose on Monday after the emirate said it would allow tourists to enter from July 7 in a further easing of its coronavirus lockdown, outperforming other major Gulf markets which retreated in early trade.

In Dubai, the index rose 0.5%, with its largest lender Emirates NBD rising 1.2% and budget airliner Air Arabia gaining 1.8%.

Dubai will also allow those with residency visas to enter from Monday, the government media office said in a statement on Sunday.

The announcement comes more than two months after the United Arab Emirates introduced strict measures to curb the spread of the new coronavirus.

Saudi Arabia’s benchmark index eased 0.2% with petrochemical firm Saudi Basic Industries down 0.4% and Al Rajhi Bank 0.2% lower.

The kingdom plans to start a tourism development fund with an initial $4 billion investment, the ministry of tourism said on Sunday, part of a scheme to diversify the economy away from its dependence on oil revenues.

Qatar’s index was down 0.4% with most individual stocks in the red. Qatar International Islamic Bank slid 2.7% and Qatar National Bank, the Gulf’s largest lender, dropped 0.6%.

The Abu Dhabi index eased 0.3%, driven by a 0.9% fall in the country’s largest lender First Abu Dhabi Bank and a 0.8% fall in Abu Dhabi Commercial Bank.