Most stock markets in the Gulf ended higher on Tuesday, concluding the year with meagre gains amid weak oil prices, although the Dubai index outshone its peers.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.3%, with Al Rajhi Bank (1120.SE), opens new tab rising 0.8%.
The Saudi index was up 0.6% for the year 2024.

Dubai's main share index (.DFMGI), opens new tab closed 0.1% higher, hitting its highest since May 2014, helped by a 1.2% rise in top lender Emirates NBD (ENBD.DU), opens new tab.

The Dubai index notched a yearly gain of over 27% - its biggest since 2021 - outperforming its Gulf peers on the back of real estate division.

Elsewhere, blue-chip developer Emaar Properties (EMAR.DU), opens new tab, which finished flat on the day, registered annual gains of over 60%.

In Abu Dhabi, the index (.FTFADGI), opens new tab was down 1.7% for 2024, posting a second consecutive yearly loss.

Oil prices - a catalyst for the Gulf's financial markets - were on track for a second consecutive year of losses, although they rose on the day after data showed China's manufacturing activity expanded in December.

The Qatari benchmark (.QSI), opens new tab advanced 0.8%, led by a 1% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab.

However, the Qatari index posted a yearly loss of 3.2%.
Elsewhere, the Kuwaiti index (.BKP), opens new tab was up 4.8% for the year, while the Omani index (.MSX30), opens new tab increased 1.4% in 2024.

Investors will also be watching the U.S. Federal Reserve's rate cut outlook for 2025 after central bank policymakers earlier this month projected a slower path due to stubbornly high inflation.

The Fed's decisions impact monetary policy in the Gulf, where most currencies are pegged to the U.S. dollar.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab climbed 1.4%, as most of its constituents were in positive territory including Talaat Moustafa Holding (TMGH.CA), opens new tab, which was up 4.4%.

The Egyptian index ended about 20% higher for the year.

In the previous year, the index gained more than 70%, helped by investors hedging against high inflation and a weak domestic currency.