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UAE Stocks Gain as US-Iran Tensions Ease; OPEC+ Raises September Oil Output Target

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Markets in the United Arab Emirates started the first day of the new trading week in the green, buoyed by optimism over renewed US-Iran talks.

At the close of Monday trading, the FTSE ADX General Index added 0.264%, while the DFM General Index was up 1.424%.

US President Donald Trump said in a social media post that he called off a planned strike on Iran at the request of other Middle Eastern countries. Trump also stated that talks for a deal to reopen the Strait of Hormuz and Iran's denuclearization will take place on Monday but did not specify a deadline or location of the negotiations.

In other news, seven OPEC+ countries, including Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, agreed to increase oil output by 188,000 barrels per day from September at their virtual meeting on Sunday.

Back home and on the corporate front, Alpha Dhabi (ADX:ALPHADHABI) was the standout stock on the Abu Dhabi bourse and surged 9.15% at closing. The Abu Dhabi-listed investment holding company recorded a 48% year-over-year growth in its first-half net profit, driven by disciplined capital allocation and strategic investments.

"Our H1 results demonstrate the structural strength of our portfolio and the impact of our investments in artificial intelligence and some of the world's most transformational companies like SpaceX," Alpha Dhabi Holding Group Chief Executive Officer Hamad Al Ameri commented. "Whether it is through expanding our international footprint or deepening our sector expertise, our priority remains clear: executing our strategy with discipline and unlocking transformative growth opportunities across all our verticals."

Meanwhile, Emirates NBD Bank's (DFM:EMIRATESNBD) unit Emirates NBD Egypt agreed to buy the retail banking portfolio of HSBC Bank Egypt, the indirect subsidiary of British lender HSBC, to boost its retail and premium banking footprint in Egypt. Emirates NBD Bank's shares were 3.31% in the green at the time of closing.

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