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MidEast Stocks Mixed, Corporate News Lifts Dubai

Middle East shares were mixed, with Dubai finding support from corporate news.

Drake & Scull said it swung to a Q4 net loss of 490 million dirhams ($133.5 million) from a profit of 14.7 million dirhams in the prior-year period. It also said it was considering proposing a rights issue of 500 million dirhams in equity to a strategic investor, and that it had secured a binding offer to participate from a local investment firm, which investors saw as a positive step towards a turnaround.

DXB Entertainments reported revenue of 75.9 million dirhams in its first year of operating amusement parks but lost 485 million dirhams, wider than the loss of 111 million dirhams in 2015.

Shuaa Capital narrowed its quarterly loss to 18.9 million dirhams from a loss of 161.8 million dirhams in the prior-year period.

Arabtec continued to drop after the company reported a large Q4 loss on Monday.

In other company news, Dana Gas said a consortium including it was awarded $121 million by a London arbitration tribunal in its dispute with the Kurdistan Regional Government. The court also dismissed the government's counter-claims.

Union National Bank reported a 29% year-on-year rise in quarterly net profit. The bank's board proposed a 20% cash dividend for 2016, unchanged from 2015.

Saudi Arabia's main index eased 0.4% to 7,033 points, Dubai firmed 0.4% to 3,653 points, Abu Dhabi inches up 0.2% to 4,573 points, Egypt dropped 1.9% to 12,504 points, Kuwait advanced 1.4% to 6,751 points, Oman gained 0.1% to 5,819 points and Bahrain was flat at 1,308 points. Qatar was closed for a holiday.

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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