Middle East Shares Mixed, Qatar Hits Record High
MidEast stocks were mixed, with Qatar reaching an all-time high as investors remain optimistic of massive spending plans by its government.
Qatar plans to boost government spending by 18% to 210.6 billion riyals ($57.8 billion) in the 2013/14 fiscal year as it implements a large-scale infrastructure building program in preparation to host the 2022 World Cup soccer tournament.
Meanwhile, Abu Dhabi found support from Aldar Property, which tripled Q1 profit.
Dubai's main index advanced 1.5% to 5,214 points, Abu Dhabi inched up 0.4% to 5,007 points, Qatar added 0.6% to close at a record 13,067 points, Saudi Arabia firmed 0.2% to 9,776 points, Egypt gained 0.2% to 8,244 points, Kuwait dipped 0.3% to 7,390 points, Bahrain edged up 0.4% to 1,472 points and Oman shed 0.5% to 6,746 points.
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