MIDEAST STOCKS-Major Gulf markets rise, Saudi shares lead - Reuters:
Saudi Arabian shares led gains among largely positive Gulf stock markets on Tuesday, helped by a jump in financial shares.
Saudi Arabia’s benchmark index gained 0.5%, with Al Rajhi Bank rising and Riyad Bank climbing 0.6% and 1.2%, each.
Shares of Emaar The Economic City surged 9.9%, after the developer entered subscription agreement with Public Investment Fund (PIF), the kingdom’s main sovereign wealth fund.
The completion of the agreement is subject to a number of conditions including the novation of the Ministry of Finance loan to PIF.
Dubai’s main share index rose 0.4%, led by a 0.7% gain in sharia-compliant lender Dubai Islamic Bank and 0.5% rise in Emirates NBD Bank.
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