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MidEast Shares Mostly Dip, Wider-than-Expected Arabtec Q4 Loss Weighs on Dubai

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Middle East stocks mostly eased, with Arabtec pressuring Dubai's market after the company reported a larger-than-expected Q4 loss.

Arabtec said it lost 2.95 billion dirhams ($803 million) in Q4, wider than EFG Hermes' forecast for a 272.8 million

dirhams loss and bigger than the 403.74 million loss reported in the year-ago period. The company's board approved a proposed capital restructuring and a 1.5 billion dirhams rights issue, pending investor consent at the next general shareholders' meeting.

In other company news, Gulf Navigation said FY net income was 136.6 million dirhams, almost six times the figure for 2015.

Eshraq Properties swung to a FY loss of 575 million dirhams from net profit of 1.61 million in 2015. It said it booked an impairment of 593 million dirhams on land values in 2016.

Fawaz Alhokair named Atul Singh as its new CFO, effective April 1.

Saudi Airlines Catering signed a five-year 44 million riyals ($11.7 million) contract with Saudi Airlines to construct and manage the first-class lounge at Cairo International Airport. The deal is expected to be reflected in Q2 results.

Saudi Arabia's main index inched up 0.5% to 7,060 points, Dubai slid 1.8% to 3,638 points, Abu Dhabi dipped 0.1% to 4,564 points, Qatar edged up 0.1% to 10,671 points, Egypt shed 1.4% to 12,740 points, Kuwait firmed 0.3% to 6,657 points, Oman slipped 0.06% to 5,815 points and Bahrain eased 0.1% to 1,308 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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