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Middle East Shares Rise, Helped by Rebound in Oil and Global Equities Firmness

MidEast stocks rose amid a rebound in oil prices and some firmness in global equities. Saudi stocks got an additional boost from expectations the government there will make a budget announcement on Monday.

The budget is expected to include substantial spending cuts as the government works to shrink its deficit.

In company news, Alinma Bank said it would pay a cash dividend of 0.5 riyal per share for 2015, in line with its 2014 dividend.

Saudi Telecom fell after the board of Kuwait's Viva said STC's takeover offer was not fair. STC said it would proceed with its offer and did not intend to change the price.

Saudi Arabia's main index jumped 1.7% to 7,047 points, Dubai rallied 1.5 % to 3,147 points, Abu Dhabi added 0.4 % to 4,209 points, Qatar rose 2.7% to 10,175 points, Egypt firmed 0.1 % to 6,769 points, Kuwait inched up 0.2% to 5,625 points, Bahrain was flat at 1,190 points and Oman edged higher 0.3% to 5,418 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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