MidEast Stocks Higher

Middle East shares rose, with Abu Dhabi buoyed by trading in the newly merged First Abu Dhabi Bank while Egypt rose on foreign buying. In other news, TAQA said government-run utility company Abu Dhabi Water & Electricity Authority (Adwea) has raised its stake in the energy company to 74% from 52.38%. Qatar International Islamic Bank went ex-dividend.

Palm Hills Development had its valuation increased by 14% at Prime Holding mainly because of an appreciation in price of the company’s inventory and expected new unit launches, Reuters said. Prime Holding also reportedly was positive on the short term cash flow of the company although it’s cautious on the demand outlook, especially on the premium real estate market.

Saudi Arabia’s main index dipped 0.3% to 6,968 points, Dubai inched up 0.6% to 3,560 points, Abu Dhabi jumped 1.8% to 4,549 points, Qatar gained 0.5% to 10,392 points, Kuwait firmed 0.2% to 7,016 points, Egypt added 1.6% to 13,265 points, Oman rose 0.5% to 5,623 points and Bahrain edged up 0.05% to 1,349 points.

By Caroline Williams