Gulf Markets Mixed as Investors Await U.S. Fed Policy Decision | Dubai, Abu Dhabi, Saudi & Qatar Updates

Sept 15 (Reuters) – Gulf stock markets showed a mixed trend in early trade on Monday as investors awaited the U.S. Federal Reserve’s policy decision later this week. Markets have already priced in a 25 basis-point cut, which would lower the Fed’s benchmark rate to 4.0–4.25%, while futures point to only a slim chance of a larger move. Policy shifts in the U.S. are closely watched in the Gulf, where most currencies are pegged to the dollar.

Gulf Markets Mixed as Investors Await U.S. Fed Policy Decision | Dubai, Abu Dhabi, Saudi & Qatar Updates

In Dubai, the benchmark index edged 0.2% higher, supported by consumer and utility stocks. Gulf Navigation rose 3.2% and Tecom Group gained 1.8%, while telecom operator du fell 1% after Mamoura Diversified Global Holding sold a 7.55% stake worth 3.15 billion dirhams ($858 million).

The Abu Dhabi index climbed 0.3%, with Abu Dhabi Islamic Bank up 1.4% and Multiply Group advancing 2.1%. Space-tech firm Space42 slipped 1% after unveiling a joint venture with U.S.-based Viasat to develop global Direct-to-Device satellite services.

In Saudi Arabia, the Tadawul index declined 0.2%, dragged down by financial and healthcare shares. Al Rajhi Bank dropped 1.8% after cutting its interim dividend by 40%. However, Fawaz Abdulaziz Al Hokair & Co surged 6% on securing a 1.6 billion riyal ($426.5 million) loan deal with Emirates NBD’s Saudi arm.

Qatar’s market remained flat, with Qatar National Bank inching up 0.1% and Industries Qatar slipping 0.3%.