Major stock markets in the Gulf were mixed in early trade on Tuesday, with the Dubai index set to finish 2024 at its highest in over a decade.

Saudi Arabia’s benchmark index rose 0.3%, with ACWA Power Co rising 0.6% after the firm announced entry into the Chinese market by securing more than 1 gigawatt of renewable energy projects in collaboration with Chinese partners.

Dubai’s main share index added 0.1%, helped by a 0.9% rise in top lender Emirates NBD and a 0.4% increase in blue-chip developer Emaar Properties.

The Dubai index is set to post its biggest yearly gain since 2021, trading at its highest since May 2014.

In Abu Dhabi, the index was flat, poised to end the year in negative territory.

Oil prices – a catalyst for the Gulf’s financial markets – rose after data showed China’s manufacturing activity expanded in December, but they were on track to end lower for a second consecutive year due to demand concerns in top consuming countries.

Most Gulf markets end higher after US job market softens

China’s manufacturing activity expanded for a third straight month in December but at a slower pace, an official factory survey showed on Tuesday.

The Qatari benchmark lost 0.1%, with sharia-compliant lender Masraf Al Rayan falling 0.7%.