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MidEast Shares Mixed, Dubai Gets Boost From Property Stocks

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Middle East stocks were mixed, with Dubai rising on the back of property stocks.

After falling last year, investors are betting heavy spending by the government will buoy the economy and stabilize the market this year.

Saudi shares recovered some recent losses made after the government raised domestic gas prices. Investors generally expect higher government spending to help the economy. Some also expect MSCI and FTSE to include Riyadh in their emerging markets indexes and the planned listing of oil giant Saudi Aramco in late 2018 to boost interest in the market.

In company news, Global Telecom said Egyptian tax authorities were seizing money from its local bank accounts to obtain a contested tax payment of 990 million pounds ($56 million). The company said it would contest the action.

Saudi Arabia's main index edged up 0.7% to 7,224 points, Dubai jumped 1.4% to 3,459 points, Abu Dhabi gained 0.9% to 4,481 points, Qatar dipped 0.1% to 8,608 points, Egypt slid 1.3% to 14,834 points, Kuwait rallied 1.4% to 6,401 points, Bahrain added 0.3% to 1,325 points and Oman eased 0.1% to 5,089 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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