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Middle East Stocks Mostly Drop As Oil Futures Weaken

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MidEast shares mostly declined with Brent crude futures falling below $55 per barrel.

Kuwaiti shares fell as investors awaited the government's announcement details of its long-term economic development plan.

In company news, Aramex reported Q4 net profit more than doubled to 131.8 million dirhams ($35.9 million), topping estimates from EFG Hermes and SICO Bahrain, which had forecast 94.0 million dirhams and 77.5 million dirhams, respectively.

Saudi Arabia's main index eased 0.7% to 7,132 points, Dubai firmed 0.3% to 3,679 points, Abu Dhabi inched up 0.1% to 4,591 points, Qatar dropped 1.3% to 10,748 points, Egypt slumped 1.8% to 12,926 points, Kuwait declined 1.5% to 6,839 points, Oman dipped 0.2% to 5,751 points and Bahrain inched up 0.1% to 1,304 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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