Gulf bourses mixed as U.S.-Iran talks stall; new fund lifts UAE shares

About this update from Salik Company Pjsc

Major Gulf stock markets were mixed in early trade on Monday, as uncertainty around U.S.-Iran talks kept investors largely on the sidelines, while the announcement of a new national fund in the UAE boosted shares there.Hopes for renewed diplomacy faded over the weekend after U.S. President Donald Trump cancelled a planned visit by his envoys to Islamabad on Saturday.Trump said Iran could make contact if it wanted to negotiate an end to the two-month war, while insisting Tehran must never acquire a nuclear weapon. Iran said the U.S. would have to remove barriers to any deal, including its blockade of Iranian ports.Iranian Foreign Minister Abbas Araqchi, meanwhile, is in Russia to seek support from President Vladimir Putin.In the UAE, Prime Minister Sheikh Mohammed bin Rashid Al Maktoum on Sunday announced the country will establish a 1 billion dirham ($272.26 million) national fund to strengthen industrial resilience.According to the prime minister, the fund will support the localisation of strategic industries, bolster supply-chain resilience, and speed up the adoption of artificial intelligence in production, operations, and planning.Dubai's main share index DFM:DFMGI gained 1.2%, led by a 1.8% rise in blue-chip developer Emaar Properties DFM:EMAAR and a 2.5% advance in toll operator Salik DFM:SALIK.In Abu Dhabi, the index ADX:FADGI rose 0.4%, with Alpha Dhabi Holding ADX:ALPHADHABI advancing 2.8%.Saudi Arabia's benchmark index TADAWUL:TASI eased 0.1%, hit by a 1.2% fall in Saudi Arabian Mining Co TADAWUL:1211.Elsewhere, Saudi Tadawul Group TADAWUL:1111 plunged 5.9%, following a steep decline in quarterly profit.The Qatari index QSE:GNRI fell 0.1%, with Qatar National Bank QSE:QNBK - the Gulf's biggest lender by assets - losing 0.3%.($1 = 3.6730 UAE dirham)

View stock analysis, news, and events for Salik Company Pjsc