Emirati Stocks Close Higher as Investors Weigh US-Iran Peace Talks

06:42 AM EST, 11/02/2026 (MT Newswires) -- Emirati stocks traded oni green on Monday as investors assessed renewed global diplomatic efforts to end the US-Iran war. At the close of trading, the FTSE ADX General Index was 0.258% in the green, while the DFM General Index rose 0.643%. Iranian negotiators held a third consecutive day of discussions with Qatari mediators in Doha on Sunday in a bid to end the conflict, Reuters reported, citing an official familiar with the talks. While negotiations have yet to yield an agreement, Iranian Foreign ⁠Minister Abbas Araqchi said Tehran remains prepared for both "defence and diplomacy." Meanwhile, China is seeking to ease regional tensions by dispatching a special envoy to Iran, Oman and Saudi Arabia in early to mid-November, Arab News reported. "The Middle East Gulf region should not become an arena for great-power rivalry and geopolitical conflict," Chinese President Xi Jinping said during his visit to Oman. In a potential breakthrough, Iran has shared a two-day plan to reopen the strategic Strait of Hormuz with Qatari and Pakistani mediators, Arab News reported. The development fueled hopes of an easing in oil supply disruptions, sending Brent crude down 4.50% to $108.325 per barrel as of 3:20 pm UAE time. On the corporate front, Abu Dhabi National Oil Co., or Adnoc, entered into a multi-year partnership with OpenAI and G42 to deploy OpenAI Frontier across its operations. Separately, the state-backed oil giant reached a final investment decision on its Ruwais Diyab development in Abu Dhabi. The project is expected to deliver 345 million standard cubic feet per day of raw gas for over 25 years, starting in 2029. Additionally, Orascom Construction (ADX:ORAS) expects its planned merger with Dutch fertilizers and industrial chemicals company OCI to take effect in December, subject to regulatory approvals. The engineering and construction contractor plans to issue 97,201,359 new shares to OCI and list them on the Abu Dhabi Securities Exchange on Nov. 24. Orascom closed 3.39% in red.