MidEast shares mostly rose, with Egypt rising to a record high. In company news, Palm Hills Development said it signed an agreement with the Ministry of Housing to buy a major plot in West Cairo to build a new project close to the company’s existing developments.
Dubai Islamic Bank said it had completed the sale of its 20.8% stake in Jordan Dubai Islamic Bank to Bank Al Etihad and Etihad Islamic Investment Co. The value of the sale was not disclosed.
Mid-sized Advanced Petrochemical reported quarterly net income of 210 million riyals ($56 million), up 44% from a year ago and above NCB Capital’s estimate of 198 million riyals.
Saudi Arabia’s main index dipped 0.7% to 7,198 points, Dubai gained 0.4% to 3,617 points, Abu Dhabi eased 0.1% to 4,588 points, Qatar firmed 0.8% to 10,689 points, Egypt advanced 1.5% to 12,608 points, Kuwait added 0.2% to 5,788 points, Oman rose 0.4% to 5,757 points and Bahrain shed 0.3% to 1,208 points.
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