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UAE Indices Rebound; Dubai's Emaar Properties Soars

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United Arab Emirates equities were back in the green on the last trading day of the week, buoyed by optimism over a possible US-Iran peace deal. At the close of Friday trading, the FTSE ADX General Index added 2.718%, while the DFM General was up 3.84%.

US President Donald Trump, in a post on his social media platform Truth Social, said that he is canceling planned attacks on Iran after approval of discussions with Iran's "highest level" leadership. Trump also told White House reporters that a peace deal could be signed over the weekend in Europe.

While markets await Iran's official confirmation on the proposed deal, Bloomberg News reported, citing G7 officials, that both countries are moving closer towards signing the agreement, which could take place in Geneva.

"It's not the first time we've been in this position. Trump has said many times before that a deal is very close, only for hostilities to resume. However, there does appear to be more positive noise around the deal this time, not just from the US but also from other parties involved in the negotiations," ING said. "Obviously, the key is the message coming out of Tehran. And for now, it has been very quiet. Therefore, we would be cautious about assuming that the extension of the ceasefire is a done deal."

Closer to home, the Central Bank of the UAE and the World Bank Group agreed to collaborate on financial literacy, digital fraud prevention, and financial dispute resolution as part of an ongoing partnership between the two lenders.

Over to corporates, Real estate developer Emaar Properties (DFM:EMAAR) was the Dubai bourse's most traded stock by value and closed 8.33% higher after announcing plans to disclose a 200 billion-dirham master-planned development in Dubai.

International Holding Co. (ADX:IHC) shares closed the session flat as it launched the first tranche of its 5 billion-Emirati-dirham share repurchase program to buy back 1.8 billion dirhams worth of shares on Friday.

The UAE bourses will be out on June 15 for the new Hijri Year 1448 or the Islamic New Year.

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Update: US Equity Indexes Jump, Crude Oil Sinks as Trump Hopeful of Signing Iran Peace Deal This Weekend

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Update: US Equity Indexes Advance Following Slower-Than-Expected Growth in Core Producer Price Inflation

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Asia Markets

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