MIDEAST STOCKS-Dubai's Depa surges on hopes for Arabtec stake hike | Reuters:
"* Depa jumps 8.4 pct in weak overall market
* Qatar slips as investors prepare for January IPO
* Oman may also soon face big cash call
* Saudi Arabia hits 63-month high before state budget
* Insurance sector rebounding from 15-month low
By Nadia Saleem
DUBAI, Dec 22 (Reuters) - Shares in Dubai interior furnishing firm Depa surged to a near two-week high on Sunday because of bets that builder Arabtec might increase its stake in the firm. Qatar's market fell on plans for its first IPO since 2010.
Arabtec on Sunday said it was looking for investments, partnerships and acquisitions. It did not name potential targets but already owns a 24 percent stake in Depa, which it bought late in 2012.
Depa shares jumped 8.4 percent to their highest level since Dec. 9.
"Arabtec has more board members now on Depa - which gives an indication to the market of its interest in recapitalising and restructuring the company to benefit from the recovery in the real estate sector," said Marwan Shurrab, fund manager and head of trading at Vision Investments."
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