Morning light moves across Dubai’s skyline while numbers begin their own daily journey on trading screens. On September 3, Gulf markets opened that journey with a generally brighter tone, led by Dubai after economic data from the United Arab Emirates and Saudi Arabia pointed to stronger private-sector activity.
Dubai’s main stock index gained 0.5%, while Abu Dhabi rose 0.3% and Saudi Arabia’s benchmark added 0.2%. The moves were modest, but they reflected a broader shift in investor attention toward economic activity and business conditions rather than the day-to-day movement of energy markets alone.
In the UAE, non-oil private-sector activity expanded at its fastest pace since December 2024 during August. The improvement was supported by stronger output and new business, offering investors another indication that economic activity outside the energy sector remained active.
Dubai’s gains were spread across several areas of the market. Emaar Properties and Emirates NBD both advanced, while Abu Dhabi benefited from increases in real estate and financial shares. The pattern suggested that investor interest was not concentrated in a single corner of the market.
Saudi Arabia offered a similar signal. Its non-oil private sector recorded its fastest growth in six months during August, supported by stronger output as business activity recovered. Financial, information technology and materials stocks helped the benchmark index move higher during the session.
The numbers arrive at a time when Gulf markets remain sensitive to changes in energy prices. Oil remains a central influence on regional financial conditions, particularly because energy revenues continue to shape government finances, investment plans and corporate expectations across the Gulf.
The UAE data strengthened further in the following days. On September 4, the S&P Global UAE Purchasing Managers’ Index rose to 55.3 in August from 52.7 in July, reinforcing the picture of stronger non-oil private-sector activity. Dubai’s index gained another 0.7% that day.
Other regional markets also moved during the same period. Qatar’s benchmark edged higher on September 3, while Egypt’s blue-chip index gained 1.1%. Egypt’s economy was reported to have grown 5.1% during the 2025/26 financial year, compared with 4.4% a year earlier.
For investors, the significance of these figures lies in the breadth of the economic signals. Stronger activity in services, real estate, finance and other non-oil sectors can provide markets with a broader foundation, particularly when energy markets are facing uncertainty.
The Gulf’s trading week therefore carried two different rhythms: one shaped by regional energy risks, the other by evidence of domestic economic activity. Dubai’s rise reflected the second. For now, stronger business surveys are giving investors another set of numbers to watch as the region’s markets move through an unsettled September.
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Sources: Reuters S&P Global UAE economic data Saudi economic data
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