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Middle East Shares Mixed in Light Volume, Saudi Arabia and Qatar Still Closed for Holiday

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MidEast stocks were mixed in light volume as Saudi Arabia and Qatar remained closed for holiday. Those markets reopen on July 2.

In company news, Talaat Mostafa's former chairman Hisham Talaat Mostafa has been pardoned and named chief executive.

Arabtec said it has raised 1.5 billion dirhams in equity as part of its recapitalization program and "extinguished the company's accumulated losses of AED 4.6 billion as at December 31 2016".

GFH Financial agreed to sell part of its real estate portfolio, which it said had an "approximate value" of $55 million. The book value of the asset is $20 million.

Heliopolis Co for Housing and Development rose after local newspaper, Almal, said the developer will launch a new project in New Heliopolis in 2018 with investments worth 1 billion Egyptian pounds ($55.25 million).

Dubai's main index shed 0.7% to 3,379 points, Abu Dhabi edged up 0.4% to 4,450 points, Egypt dipped 0.2% to 13,396 points, Kuwait firmed 0.04% to 6,769 points and Bahrain eased 0.2% to 1,310 points.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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