Feb 1 (Reuters) - Major stock markets in the Gulf rose in
early trade on Monday, with indexes in the United Arab Emirates
leading the gains on the back of their financial and property
Dubai's main share index advanced 1.9%, with
blue-chip developer Emaar Properties jumping 3.8% and
sharia-compliant lender Dubai Islamic Bank rising
Dubai's house prices are expected to fall at a slower pace
this year and next than previously thought as hopes for a
successful vaccine rollout and an economic recovery boost
confidence in the sector, a Reuters poll showed.
The UAE ranks second globally on vaccine rollout per head of
In Abu Dhabi, the index gained 1.1%, led by a 1.2%
increase in the UAE's largest lender, First Abu Dhabi Bank
Elsewhere, Abu Dhabi Commercial Bank added 0.8%,
despite reporting a lower 2020 profit of 3.81 billion dirhams
($1.04 billion), down from 5.24 billion dirhams a year earlier.
However, it beat analysts' mean net profit estimate of 3.46
billion dirhams, according to Refinitiv data.
On Sunday, the UAE recorded 2,948 new COVID-19 infections,
down from a peak of 3,966 last week, and reported 12 deaths for
the second day in a row.
Saudi Arabia's benchmark index was up 0.1%, with
Banque Saudi Fransi and SABIC Agri-Nutrients Co
rising 1.7% and 2.7%, respectively.
Meanwhile, the kingdom's health minister said on Sunday that
complacency around coronavirus restrictions had led to a notable
increase in daily cases.
In Qatar, the index edged up 0.1%, supported by a
0.9% gain in Qatar Islamic Bank.
($1 = 3.6728 UAE dirham)
(Reporting by Ateeq Shariff in Bengaluru. Editing by Mark