While stock markets in the United Arab Emirates (UAE) and Saudi Arabia posted moderate gains, exchanges in Kuwait and Qatar weakened on Wednesday.
The local stock market in Dubai posted the largest gain among Gulf Arab markets, ending 1.14 percent higher at 1,687.92. Drake and Scull International (DSI), a Dubai-based firm specialized in Mechanical, Electrical and Plumbing (MEP) works, added 0.7 percent to finish at 0.958 UAE dirhams (0.26 U.S. dollar).
CEO of DSI Khaldoun Tabari said Wednesday that its subsidiary Drake & Scull Water and Power (DSWP) has been awarded a EPCO ( Engineering, Procurement, Construction and Operation) contract for a District Cooling Plant in Saudi Arabia’s capital Riyadh.
At the international exchange Nasdaq Dubai, the FTSE NASDAQ Dubai UAE 20 Index closed at 1795.16, up 1.27 percent from the previous close. DP World shares lost 0.17 percent to close at 0. 599 dollars.