UAE Stocks Blink Green on US-Iran Deal Optimism
Stock trading in the United Arab Emirates closed higher on Thursday as prospects of a deal between the US and Iran boosted market sentiment.At the close of trading, the FTSE ADX General Index gained 0.399%, while the DFM General Index was up 0.60%.According to reports by multiple media outlets, Iran is reviewing a new US proposal aimed at ending the conflict in the Middle East. US President Donald Trump said he could wait a few days to get the right answers from Iran and threatened escalation in case a deal is not reached."For the second time this May, markets are trying to trade a US-Iran peace deal after President Trump said negotiations were in their 'final stages'. Conviction is lower this time. Rhetoric from both sides remains belligerent, and markets are more hesitant to chase optimistic headlines after earlier disappointments," ING said.Closer to home, the UAE's new oil pipeline meant to bypass the Strait of Hormuz reached 50% completion, but full oil flows are not expected to return before the first or second quarter of 2027, Reuters reported, citing UAE Minister of Industry and Advanced Technology and Abu Dhabi National Oil Co., or Adnoc's, head Sultan Ahmed Al Jaber.Over to corporates, Abu Dhabi National Co. for Building Materials (ADX:BILDCO) d/b/a Bildco, intends to launch an integrated logistics hub and a collection and operations center in Oman. Shares of the building materials company closed the session flat.Elsewhere, Dubai Investments (DFM:DIC) unit Globalpharma signed seven strategic memoranda of understanding with different companies to bolster its capabilities across product development, manufacturing, financing, and sustainable operations. Its stocks closed the session 0.55% higher.