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Sunday, August 16, 2020, 17:19
Israel, UAE shares climb after historic deal reached
By Bloomberg
Sunday, August 16, 2020, 17:19 By Bloomberg

A man reads a copy of UAE-based The National newspaper near the Burj Khalifa, the tallest structure and building in the world since 2009, in the gulf emirate of Dubai on August 14, 2020, as the publication's headline reflects the previous day's news as Israel and the UAE agreed to normalize relations in a landmark US-brokered deal. (GIUSEPPE CACACE / AFP)

Equities across the Middle East advanced in the first day of trading after Israel and the United Arab Emirates said they reached an agreement to begin normalizing relations.

Equities across the Middle East advanced in the first day of trading after Israel and the United Arab Emirates said they reached an agreement to begin normalizing relations

Israel’s TA-35 gained as much as 2%, leading gains in the region. The main indexes in Dubai and Abu Dhabi rose 0.6% and 0.2%, respectively, as of 11:12 am local time, with peers in Kuwait, Saudi Arabia and Bahrain also up.

READ MORE: UAE's Israel deal met with Arab dismay but quiet welcome in Gulf

A joint statement from the US, Israel and UAE announced Thursday that the two Mideast nations will establish normal ties, signaling they will send ambassadors and open more direct commercial relations, including air travel. On Sunday, UAE-based APEX National Investment said it agreed to conduct research on the coronavirus with Israel’s TeraGroup, in what could be the first cross-border deal between the two nations.

ALSO READ: Israel, UAE to normalize ties, West Bank annexations on hold

“Over the past decades the region has been suffering from wars, political instabilities,” Ali El Adou, head of asset management at Daman Investments in Dubai, said in an interview with Bloomberg Television. “The agreement might be the breakthrough to the current political deadlock, and bring opportunities for peace and economic prosperity in the region.”

Investors also reacted to earnings reports across the region, including Savola Group in Saudi Arabia, Arabtec in Dubai and Burgan Bank in Kuwait.

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