Gulf equities rose on February 8, 2026 as investors priced in early optimism from Oman-mediated U.S.–Iran talks, while Egypt’s EGX30 ended at a record after Egypt signed a $3.5 billion mobile spectrum deal worth 410 MHz. (Reuters)
What moved markets on February 8, 2026
Gulf equities follow U.S.–Iran diplomacy headlines
Most Gulf stock markets finished higher after what Reuters described as a positive early turn in negotiations between the United States and Iran over Tehran’s nuclear programme. (Reuters) The immediate market logic is straightforward: even a hint of de-escalation can shave a little geopolitical risk premium off regional assets that trade with oil and security headlines close by.
Saudi Arabia’s benchmark index (.TASI) closed up 0.3%, with Al Rajhi Bank rising 0.5%. (Reuters) Saudi Aramco Base Oil Co jumped 3.5% after it raised its second-half dividend, a reminder that in earnings season, single-stock moves can matter as much as macro narratives. (Reuters)
In Qatar, the benchmark index (.QSI) gained 0.5%, helped by a 1.1% rise in petrochemical maker Industries Qatar. (Reuters)
Reuters quoted Milad Azar of XTB MENA saying sentiment was strengthened by the diplomatic meeting and that investors were also waiting for further fourth-quarter earnings releases from heavyweight names such as Aramco. (Reuters)
Egypt’s EGX30 hits a fresh record
Outside the Gulf, Egypt’s blue-chip EGX30 rose 0.6% for a fourth straight session, closing at its highest ever level, according to Reuters. (Reuters) For portfolio managers, that combination—multi-day momentum plus a new closing high—often matters more than the size of any single session’s move because it signals broad participation rather than a one-off spike.
The U.S.–Iran talks backdrop investors are trading
Markets were reacting to signals that talks had started without immediately breaking down. In Muscat, Iran’s foreign minister Abbas Araqchi said the Oman-mediated talks with the United States were off to a “good start” and would continue. (Reuters) Reuters also reported that the mediator, Oman’s foreign minister, described the discussions as “very serious” and said the sides would reconvene in due course. (Reuters)
None of that guarantees a breakthrough—and investors know it. But in the short run, “not collapsing” can be bullish when the alternative is a renewed spiral of threats that lifts energy volatility and forces investors to demand a bigger discount on regional equities.
Egypt’s $3.5 billion spectrum deal: what’s in it
410 MHz across four operators
Reuters reported that Egypt signed a $3.5 billion agreement to allocate 410 megahertz of new spectrum to the country’s four mobile operators, calling it the largest spectrum deal in Egypt’s telecom history. (Reuters)
A separate statement cited by Ahram Online said the National Telecommunication Regulatory Authority signed the agreement with Telecom Egypt, Orange, Vodafone, and e& Egypt, again describing it as the largest frequency agreement in the sector in the past 30 years. (Ahram Online)
Why telecom spectrum can move markets
Spectrum is effectively the “real estate” that mobile networks run on. More bandwidth can translate into higher capacity, better coverage, and fewer bottlenecks—especially in dense cities where data traffic can overwhelm older allocations. A deal of this scale also matters for investors because it links three themes in one headline:
First, it is a large, discrete policy and investment signal that can reset expectations for network quality and future competition. Second, it implies heavier near-term spending and integration work for the operators receiving the new frequencies (even if the consumer benefit comes later). Third, it provides a concrete, non-geopolitical catalyst for Egypt’s market at a time when many emerging markets are dominated by global rate and currency pressure.
Why this matters for MENA risk sentiment
Geopolitics and the regional risk premium
When traders believe the odds of confrontation are falling—even marginally—risk appetite can rise across Gulf equities, credit, and currencies that are sensitive to oil price swings and security headlines. That’s the “headline beta” you saw in Sunday’s close: modest benchmark gains, plus bigger moves in specific stocks tied to dividends and earnings season. (Reuters)
Domestic funding and infrastructure as a second driver
Egypt’s market move was not only about diplomacy spillover. The spectrum deal is a tangible, priced transaction tied to national digital infrastructure goals and mobile service demand, which can be easier for investors to model than geopolitical scenarios. (Reuters)
What to watch next
Next rounds of talks and the tone of official readouts
The fastest way for sentiment to reverse is a shift in official messaging—either a clear step forward or a visible breakdown. Investors will be watching whether the parties set a date, venue, and agenda that signals momentum, or whether the process drifts back into ambiguity. (Reuters)
Fourth-quarter earnings and company-level catalysts
As Reuters noted, earnings releases from regional heavyweights remain a near-term focus. (Reuters) In markets where state-linked giants and banks dominate index weightings, guidance and dividends can overpower macro headlines quickly.
Execution risk on Egypt’s spectrum expansion
For Egypt, the next questions are operational: how quickly operators can deploy the additional spectrum, what it means for service quality, and how the cost of the agreement and related capital expenditure show up in financials. A record index level is a sentiment marker; follow-through depends on delivery.