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MidEast Shares Mixed, Dubai Gains as Real Estate Stocks Strengthen

MidEast shares were mixed, with Dubai benefiting from real estate stocks.

Real estate stocks gained after the weak U.S. jobs report late last week. The weak report sparked speculation that the Federal Reserve would stay pat on rates for now, which likely means Gulf economies would keep rates still, too. Gulf countries peg their currencies to the U.S. dollar.

In company news, DAMAC rose after saying on Sunday it would consider taking an equity stake in a project to build a 50-storey mixed-use tower in central London.

Shareholders of Orascom Telecom Media and Technology Holding approved proposals including plans for the company to expand into new sectors such as power, transport and logistics.

Saudi Arabia's main index firmed 0.3% to 8,619 points, Dubai jumped 1.2% to 3,711 points, Abu Dhabi inched up 0.3% to 4,554 points, Qatar slipped 0.3% to 11,732 points, Egypt slid 1.2% to 8,508 points, Kuwait gained 0.1% to 6,213 points, Oman edged up 0.2% to 6,297 points and Bahrain added 0.6% to 1,441 points.

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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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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