On Sunday, Saudi Arabia's stock markets ended higher following Friday's rise in oil prices, although Qatar's index continued to experience losses for a second

consecutive session. Oil prices remain a crucial catalyst for the financial markets in the Gulf, and the prices were up on Friday for the fourth consecutive week due to increased global demand, particularly in China. Saudi Arabia's benchmark index, .TASI, increased by 0.6%, led by a 1.2% surge in Al Rajhi Bank 1120.SE, while Saudi Aramco 2223.SE, the oil giant, gained 0.8%.

On Thursday, Saudi Crown Prince Mohammed Bin Salman announced the launch of four new Special Economic Zones in Saudi Arabia, which will allow 100% foreign ownership of companies in these zones. Meanwhile, Qatar's index .QSI fell 0.4%, extending losses for a second session, with Industries Qatar IQCD.QA, the petrochemical maker, losing 1.5%. Egypt's stock market was closed for a public holiday.

According to Jihad Azour, the International Monetary Fund (IMF) Middle East and Central Asia department director, GDP growth in the Middle East and North Africa region is expected to slow down to 3.1% in 2023 from 5.3% the previous year. In terms of other Gulf countries, Bahrain's .BAX rose 0.2% to 1,885, Kuwait's .BKP added 0.6% to 7,803, while Oman's .MSX30 declined by 1.1% to 4,760. Photo by Tamoy Garra, Wikimedia commons.