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

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.

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%.