RIYADH: The equity market in the Middle East and North Africa region witnessed a rebound in the second quarter of 2023 with Saudi Arabia leading the way. The MENA region’s equity market grew 3.92 percent in the three months to the end of June, after dropping 2.8 percent in the first quarter of the year. The primary driver of growth was Saudi Arabia, as it posted an increase of 9.13 percent in the second quarter, according to Mashreq Capital’s Q2 2023 Market and Strategy Report. Furthermore, the Kingdom’s growth exceeded that of the developed market, which grew 8.7 percent over the same period. The UAE and Egypt both showed a 4.3 percent growth in the second quarter. Qatar and Oman dropped 1 percent and 1.7 percent respectively, according to the report. “Given that MENA is a dollar bull region, it should continue to outperform the broader emerging markets,” according to a press release. Dubai exhibited promising indicators as the emirate rose 12.49 percent during the second quarter, while Abu Dhabi witnessed a slight inclination of 0.94 percent, Mashreq Capital revealed that emerging markets equities lagged behind developed markets significantly. “Developed market equities have remained firm as US economic activity has shown resilience,” added the report.