DUBAI: Saudi Arabian shares led gains among largely positive Gulf stock markets on Tuesday, helped by a jump in financial shares.

Saudi Arabia’s benchmark index gained 0.5 percent, with Al Rajhi Bank rising and Riyad Bank climbing 0.6 percent and 1.2 percent, each.

Shares of Emaar The Economic City surged 9.9 percent, after the developer entered subscription agreement with Public Investment Fund (PIF), the Saudi Arabia’s main sovereign wealth fund.

The completion of the agreement is subject to a number of conditions including the novation of the Ministry of Finance loan to PIF.

Dubai’s main share index rose 0.4 percent, led by a 0.7 percent gain in sharia-compliant lender Dubai Islamic Bank and 0.5 percent rise in Emirates NBD Bank.

The emirate has hired banks to advise it on its comeback to international debt markets as the Middle East trade and tourism hub seeks to bolster finances hit by the pandemic.

As the pandemic hit vital economic sectors of the emirate, Dubai this year raised over $3.6 billion in debt through several instruments, the prospectus showed.

In Abu Dhabi, the index also rose 0.4 percent, driven by a 1.2 percent rise in Emirates Telecommunications Group and a 0.3 percent gain in the country’s largest lender First Abu Dhabi Bank.

Reuters