|17 February, 2020

Mideast Stocks: Most Gulf markets rise; Dubai leads gains on property shares

The Dubai benchmark gained 0.8%

Investors watch a monitor at Dubai Financial Market .

Investors watch a monitor at Dubai Financial Market .

REUTERS/Mounir Saidi

Dubai shares led gains among Gulf markets on Monday as property stocks rallied, with major port operator DP World posting its biggest jump since May 2014 following a delisting announcement.

The Dubai benchmark gained 0.8%.

Developer Union Properties leapt 7.6% after it said in an exchange filing on Sunday that the financing process of a previously-announced expansion for the Autodrome projects is nearing its completion.

Arabtec Holding rebounded 5.7%, following a 1.6% slide in previous session after it said it is closely working with "key lenders" to align its debt with its business needs and is cutting costs by reducing its workforce.

The company posted a loss for the fiscal year, compared with it a profit a year earlier.

Nasdaq Dubai-listed DP World soared 10% after announcing that it would delist and return to full state ownership in a deal valuing the company at $13.9 billion.

Each listed share will be acquired for $16.75, a 28.8% premium to Sunday's closing price of $13 a share, the port operator said.

Saudi Arabia's benchmark index rose 0.5%, driven by a 0.6% gain in Al Rajhi Bank and a 0.5% rise in oil giant Saudi Aramco.

Shares of Jabal Omar Development were up 1.1% following the appointment of Zeyad Bin Othman Ibrahim Alhekail as chairman.

Qatar's index rose 0.3%. Qatar's energy shipping and transport firm Naqilat jumped 4% ahead of its earnings announcement.

Qatar Electricity and Water climbed 2.3% after it reported an annual profit of 1.41 billion riyals ($387.36 million), down from 1.54 billion riyals a year ago. The profit was higher than analysts' average estimate of 1.27 billion riyals, according to Refinitiv data.

The Abu Dhabi index was also up 0.3% as telecom firms Etisalat rose 0.5% and the country's largest lender First Abu Dhabi Bank edged up 0.1%.

($1 = 3.6400 Qatar riyals)

(Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

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