Gulf Stock Markets Rise Following Trump Election Victory

(Reuters) – Major stock markets in the Gulf rose in early trade on Wednesday as Republican Donald Trump claimed victory in the U.S. presidential election.

Fox News projected that Trump had defeated Democrat Kamala Harris, marking a stunning political comeback four years after he left the White House.

Saudi Arabia

Saudi Arabia's benchmark index gained 0.9%, with:
– Al Rajhi Bank rising 2.1%
– Saudi Arabian Mining Company advancing 3.9%

Among other gainers, Saudi Electricity jumped 5.9% after reporting a sharp rise in third-quarter net profit.

Dubai

Dubai's main share index gained 0.5%, with toll operator Salik Company climbing 1.9%.

UAE Investment Strategy

The United Arab Emirates has launched a strategy to triple foreign direct investment to 2.2 trillion dirhams by 2031, Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai, announced in a post on X on Tuesday.

Abu Dhabi

In Abu Dhabi, the index added 0.1%.

Crude Prices

Crude prices fell as much as 2% after two sessions of gains, driven by a surge in the dollar following Trump’s projected victory and a rise in U.S. crude stocks beyond forecasts.

Note: Qatari bourse was closed for a public holiday.