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MidEast Shares Drop on Lower Oil Prices, Company News

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Middle East shares mostly dropped amid a decline in oil prices and some weak earnings.

In company news, Emaar said Q1 net profit rose 17% to 1.21 billion dirhams ($330 million), just below SICO Bahrain's forecast for 1.22 billion dirhams.

Dubai Financial Market reported a 27% rise in Q1 net profit on the back of an increase in trading activity.

GFH Financial said it had signed a preliminary letter of intent with Abu Dhabi's Eshraq Properties, under which GFH might sell real estate assets to Eshraq in exchange for Eshraq shares.

Saudi Arabian Mining Co reshuffled its board and appointed the chairman of state oil giant Saudi Aramco, Khalid al-Falih, as its own chairman as part of a government drive to develop the mining sector.

Abu Dhabi National Energy Co rose after sources told Reuters that TAQA was considering selling its overseas oil and gas assets to another Abu Dhabi state-owned entity as it focuses on its core business of power generation and water production.

Ezdan Holding said Q1 net profit rose 12% to 585 million riyals ($161 million), with growth restrained by a sharp rise in expenses and financial costs.

Saudi Arabia's main index dipped 0.6% to 6,716 points, Dubai shed 1.8% to 3,385 points, Abu Dhabi eased 0.8% to 4,470 points, Qatar dropped 0.9% to 10,092 points, Kuwait slipped 0.6% to 5,372 points, Oman inched up 0.1% to 5,952 points and Bahrain added 0.2% to 1,113 points. Egypt closed for a 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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