Middle East Stocks Mostly Rise in Light Volume Ahead of Holidays

MidEast shares mostly rose but in lighter-than-usual volume with the Eid al-Adha holidays, which began in Saudi Arabia on Wednesday and will start for other markets on Thursday.

In company news, Eshraq Properties is in advanced talks to merge with privately held developer Reem Investments. Reem would receive new shares in Eshraq in exchange for Eshraq acquiring Reem’s entire business and assets.

DAMAC Properties chairman Hussain Sajwani told Reuters he is confident DAMAC will reach its sales forecast of 7 billion dirhams ($1.9 billion) because of good demand and a stable Dubai property market.

Global Telecom Holding and its parent Veon said their subsidiary in Pakistan, Jazz, had agreed to sell its tower business for approximately $940 million.

Dubai’s main index edged up 0.7% to 3,638 points, Abu Dhabi firmed 0.1% to 4,468 points, Qatar fell 0.7% to 8,801 points, Egypt jumped 1.7% to 13,416 points, Kuwait eased 0.1% to 6,892 points, Bahrain inched up 0.3% to 1,302 points and Oman gained 0.1% to 5,053 points.

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