UAE markets rise on oil price rebound

Stock markets in the United Arab Emirates closed higher on Friday, tracking a sharp rebound in oil prices after Russia announced plans to reduce its oil production next month.

Russia will cut oil production by 500,000 barrels per day, or around 5% of output, in March, Deputy Prime Minister Alexander Novak said on Friday, after the West imposed price caps on Russian oil and oil products.

Oil prices - a key catalyst for Gulf financial markets - jumped more than 2%, recovering from the previous session's loss, reported Reuters.

Brent crude futures rose $1.80, or 2.13%, to $86.30 a barrel by 1120  GMT.

Dubai's main index (.DFMGI) gained 0.2%, supported by a strong performance in utilities and banking stocks, with Emirates Central Cooling System Corp (EMPOWER.DU) rising 1.3%, while sharia lender Dubai Islamic Bank (DISB.DU) edged up 0.5%.

However, business park operator Tecom Group (TECOM.DU) declined 3.4% after the firm posted a 28% increase in full year net profit to 725.6 million dirhams ($197.56 million), missing analysts' estimate of 839.5 million dirhams.