NH1 News Debates


Dec 18, 2014 7:52 AM

Gulf stocks gain with Dubai closing 13 percent up

The Associated Press

DUBAI, United Arab Emirates (AP) Dubai's main stock market has gained 13 percent after closing at its lowest point of the year earlier in the week.

Abu Dhabi's stock market also closed 6.7 percent higher on Thursday while the Saudi index closed 8.9 percent higher.

Analysts say investor concerns that Arab governments could cut spending on the backs of sliding oil prices were alleviated Wednesday when Saudi Arabia's finance minister suggested the government would continue spending on development projects as part of the 2015 budget a sentiment reiterated by officials across the energy-rich Gulf.

The upswing in Gulf equities comes on the back of a rise in the price of benchmark U.S. crude, which closed 54 cents higher at $56.47 on Wednesday. Brent crude gained $1.17 to close at $61.18.


--  Dealing with the Disease of Addiction? Click here for help --

More from NH1.com

NH1 News Debates
NH1 News Replay

NH1 on Twitter

NH1 SkyView Cameras

NH1 on Facebook

Check out NH1 News Rail Polls on LockerDome on LockerDome