Riyadh/Dubai/Doha — Saudi UAE Qatar stocks ended lower on Thursday as regional investors locked in profits after recent rallies, with banking and energy majors leading the declines. Despite the setback, Saudi Arabia’s market capped its third straight weekly gain, supported by underlying optimism over regulatory reforms.
The Tadawul All Share Index (TASI) fell 1% to 11,308, retreating from its largest single-day jump in more than five years on Wednesday. That surge was fuelled by speculation that regulators may relax the 49% cap on foreign ownership of listed companies, potentially unlocking more than $10 billion in inflows and triggering MSCI index adjustments.
Heavyweights weighed on the index: Saudi Aramco lost nearly 3% amid stalled talks over a €1 billion stake in Repsol’s renewables unit, while Saudi Telecom and SABIC fell over 4% each. Still, analysts said sentiment remains supported by strong non-oil growth, though oil price volatility is a lingering drag.
UAE markets under pressure
Dubai’s benchmark index dropped 1% to 5,817, its third straight loss, as Emaar Properties extended declines and banks such as Dubai Islamic Bank and Emirates NBD slipped. In Abu Dhabi, the index eased 0.3% to 9,946, pulled down by Aldar Properties and Space42, which slid after announcing a mapping technology partnership with Japan’s Dynamic Map Platform.
In contrast, Abu Dhabi National Oil Company (ADNOC) continued its global expansion push. Its investment arm, XRG, acquired an 11.7% stake in the U.S. Rio Grande LNG project, ADNOC’s first U.S. gas deal, alongside a 20-year offtake agreement for 1.9 million tonnes annually from Train 4.
Qatar, Egypt and wider Gulf
Qatar’s QE Index slipped 1.1% to 10,959, extending a five-session losing streak as Qatar National Bank dropped 3% and Qatar Islamic Bank fell 1.3%. However, the Qatar Investment Authority deepened its AI and digital infrastructure bets, announcing a $3 billion data centre platform with U.S.-based Blue Owl Capital.
Elsewhere, Egypt’s EGX30 shed 0.8% to 35,671 as consumer staples led declines, though the index ended the week near recent highs. Bahrain added 0.2%, Oman was flat, and Kuwait dipped 0.3%.
Regional markets are balancing optimism over reforms and global partnerships with profit-taking and sector-specific headwinds, suggesting short-term volatility even as long-term investment flows strengthen.
