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Middle East Shares Mixed, Saudi Arabia Declines on Profit-taking Ahead of Budget

Middle East stocks were mixed, with Saudi Arabia dropping amid profit-taking as investors await the budget, expected on Monday.

Investors anticipate a cut in government spending as the government tries to narrow a deficit worsened by the drop off in revenues from lower oil prices .

In company news, Tihama Advertising said it sold land in Jeddah for 33 million riyals ($8.8 million).

Islamic Holding is boosting its capital by as much as 50% through a rights issue. Eligibility for the rights closed on Dec. 1 and subscriptions to the issue will run from Dec. 27 to Jan. 13.

Doha Bank said it would raise its capital in 2016 to meet strategic business development requirements but didn't give any details of the planned capital-raising.

Egypt and Bahrain were closed for public holidays. UAE, Kuwait and Oman bourses will be shut on Thursday for holidays.

Saudi Arabia's main index slumped 1.6% to 6,934 points, Dubai slipped 0.3% to 3,137 points, Abu Dhabi added 0.8% to 4,242 points, Qatar rose 0.4% to 10,217 points, Kuwait eased 0.1% to 5,620 points and Oman firmed 0.02% to 5,419 points.

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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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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