Middle East Shares Mixed

Mideast stocks were mixed, with Abu Dhabi rising on hopes of a deal between Mubadala and Eshraq Properties. Abu Dhabi government fund Mubadala said it was considering forming a venture with Eshraq Properties that would involve developing land in Abu Dhabi owned by Mubadala on Al Maryah Island, where a new financial free zone is located, and by Eshraq on Al Reem Island.

In company news, Bank Aljazira reported Q1 net profit of 216 million riyals, topping expectations from NCB Capital for 184 million riyals and EFG Hermes for 165 million riyals.Riyad Bank said Q1 net profit fell 10.8% to 1.05 billion riyals but beat the average analyst forecast of 876.5 million riyals. Saudi Investment Bank came under pressure after exchange data showed Saudi Oger had sold a 2.8% stake in the bank, lowering its stake to 5.8%.

By Caroline Williams