(Reuters) – Major stock markets in the Gulf rose in early trade on Wednesday as Republican Donald Trump claimed victory in the U.S. presidential election.

Fox News projected that Trump had defeated Democrat Kamala Harris, which would cap a stunning political comeback four years after he left the White House.

Saudi Arabia’s benchmark index gained 0.9%, with Al Rajhi Bank rising 2.1% and Saudi Arabian Company advancing 3.9%.

Among other gainers, Saudi jumped 5.9% after reporting sharp rise in third-quarter net profit.

Dubai’s main share index gained 0.5%, with toll operator Salik Company climbing 1.9%.

The United Arab Emirates has launched a strategy to triple foreign direct investment to 2.2 trillion dirhams by 2031, Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, also the ruler of Dubai, said in a post on X on Tuesday.

In Abu Dhabi, the index added 0.1%.

Crude prices fell as much as 2% after two sessions of gains, as the dollar surged on projections of a Trump victory, and as stocks rose more than forecast.

** Qatari bourse was closed for a public holiday.