Business
Biggest quarterly gain in GCC markets since global financial crisis
The MSCI GCC aggregate index saw a rise of about 18 per cent in the first three months of 2022, thanks to a broad rally across regional GCC markets and higher oil prices. This is the biggest quarterly gain recorded by GCC markets since the second quarter of 2009 during the global financial crisis.
The surge was backed by four consecutive months of gains in the index, Kamco Invest said in a report.
During the quarter, all the regional markets were in the green. Abu Dhabi reported the biggest gain of about 17 per cent. It was followed by Qatar and Saudi Arabia, with gains of around 16 per cent each, the report added.
The biggest gains were recorded by capital goods, materials and banking sectors — at close to 20 per cent. Energy and health care expanded 18 per cent and 15 per cent, respectively.
The only sectors that declined in the first quarter were consumer durables and apparels, and pharma, the report revealed.
In March, the Abu Dhabi Securities Exchange (ADX) was the best-performing market in the GCC, with the exchange’s market capitalisation increasing 4.7 per cent to reach Dh1.81 trillion ($492 billion).
Total volume of shares traded grew 39 per cent to 6.2 billion in March from 4.4 billion in February. Monthly value traded also rose 44 per cent to Dh40.2b last month, the report added.
ADX, the Arab world’s second-largest stock market by market value, also led the GCC in terms of year-to-date gains that reached 17.2 per cent at the end of March after registering record growth during 2021, the report said.
The Dubai Financial Market also gained 5 per cent in March, closing at 3,526.6 points, supported by gains in six out of nine sectoral indices including large-cap sectors such as banks, property and insurance, the report said.
The UAE announced revised fuel prices for June 2026, with motorists set to pay significantly more for petrol while diesel costs decline compared to the previous month.
The latest adjustment is particularly notable as it marks the country’s first monthly fuel pricing update since formally leaving both OPEC and OPEC+ earlier this year.
Beginning June 1, Super 98 petrol will be priced at Dh3.95 per litre, up from Dh3.66 in May. Special 95 will rise to Dh3.83 per litre from Dh3.55, while E-Plus 91 will increase from Dh3.48 to Dh3.76 per litre.
In contrast, diesel users will benefit from a reduction, with prices falling from Dh4.69 per litre in May to Dh4.33 in June.
The latest increase extends a three-month upward trend in petrol prices, reflecting ongoing volatility in global energy markets and fluctuations in crude oil prices.
Impact on residents
For households across the UAE, fuel price movements remain a key economic indicator, influencing transportation costs, daily commuting expenses and overall household budgets. Rising petrol prices can have a noticeable impact on monthly spending, particularly for residents who rely heavily on private vehicles.
The June pricing announcement comes just weeks after the UAE officially ended its six-decade membership in OPEC and OPEC+, a move that took effect on May 1, 2026.
The revised prices will come into effect from June1, 2026.
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