Markets

Middle East Shares Mostly Rise on Steadied Crude Prices, Corporate News

Middle East stocks mostly rose as Brent oil steadied above $50 per barrel and after Dubai real estate developer DAMAC posted strong Q2 results.

DAMAC said Q2 profit more than tripled to 1.42 billion dirhams ($387 million). It also announced an interim dividend of 10% cash and 10% bonus shares. The cash payout will be its first since it listed in Dubai in January.

Meanwhile, Arabtec denied media reports its talks with Egypt's government about a $36 billion housing project had fallen through. The firm said negotiations, which began more than a year ago, were still under way.

Du reported an 8% decline in Q2 net profit, in line with analysts' estimates. It also proposed a special dividend payment.

Gulf International Services said Q2 profits were 249.7 million riyals ($68.6 million), missing the estimate of QNB Financial Services, which had forecast 279 million riyals.

Juhayna Food Industries said a travel ban imposed on its chairman Safwan Thabet in a crackdown on Mubarak-era business tycoons had been lifted.

Saudi Arabia's main index firmed 0.2% to 8,791 points, Dubai jumped 1.7% to 4,165 points, Abu Dhabi added 0.6% to 4,843 points, Qatar inched higher 0.2% to 11,837 points, Egypt slipped 0.8% to 8,114 points, Kuwait rose 0.2% to 6,238 points, Oman dropped 0.6% to 6,430 points and Bahrain shed 0.1% to 1,332 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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