Middle East Stocks Mixed, Dubai Sinks to 5-Year Low as Saudi Shares Rebound
MidEast shares were mixed, with Dubai hitting a 5-year low while Saudi stocks rebounded from Sunday's losses.
On Sunday, Saudi's banking sector weakened after banks agreed with Islamic tax authorities to resolve a dispute over increased liabilities that will result in one-off payments, Although many banks had already made provisions for much of the liabilities, the uncertainty over the settlement had unsettled some investors.
Meanwhile, Dubai continued to be weighed by the real estate sector and economic weakness in Saudi Arabia.
In company news, Union Properties said it would hold a board meeting on Thursday to consider buying back 10% of its shares to resell them later.
GEMS Education, which has a 50/50 joint venture agreement with EFG Hermes, exercised an option to buy a 50% stake in four schools in Egypt.
Vortex Energy, a European renewable energy platform managed by the private equity arm of EFG Hermes, signed a deal to divest 49% of its wind power portfolio.
Saudi Arabia's main index added 0.4% to 7,765 points, Egypt slid 1.3% to 12,784 points, Dubai fell 0.7% to 2,460 points, Abu Dhabi was flat at 4,818 points, Qatar firmed 0.3% to 10,368 points, Kuwait inched up 0.1% to 5,304 points, Bahrain dipped 0.1% at 1,313 points, Oman edged higher 0.2% at 4,346 points
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