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Middle East Stocks Mixed, Dubai Boosted by Earnings

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Middle East shares were mixed, with Dubai getting a boost from earnings.

Emaar Malls said Q4 net profit rose 27% to 574 million dirhams ($156 million), topping estimates from SICO Bahrain for 499 million dirhams.

Aramex said Q4 net profit gained 25% to 165 million dirhams, beating SICO Bahrain's estimate of 115 million dirhams. For the full year, profit increased 2%.

In other company news, Riyad Bank said quarterly profit jumped to 974 million riyals from 293 million riyals a year ago. Analysts polled by Reuters had on average predicted a profit of 732 million riyals.

Saudi Investment Bank eased after MSCI said it would remove the stock from the MSCI Saudi Arabia index at the end of this month.

MSCI also said it had decided to add Eastern Co to its MSCI Egypt global standard index, replacing EFG Hermes, which moves to its small cap index. Meanwhile, El Sewedy Electric will be deleted from the small cap index. MSCI's changes will take effect at the end of this month.

Saudi Arabia's main index eased 0.2% to 7,413 points, Dubai added 0.8% to 3,342 points, Abu Dhabi dipped 0.2% to 4,600 points, Egypt slumped 1.1% to 14,730 points, Kuwait dropped 0.6% to 6,670 points, Bahrain rose 0.4% to 1,353 points and Oman firmed 0.02% to 5,004 points. Qatar was closed for holiday.

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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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