MIDEAST STOCKS Real estate stocks lift #Dubai shares higher; other markets mixed | Reuters

MIDEAST STOCKS Real estate stocks lift Dubai shares higher; other markets mixed | Reuters

Dubai shares rose in early trade on Wednesday, supported by gains in property stocks, while other major Gulf markets traded mixed.

Dubai's main share index (.DFMGI) added 0.1%, with blue-chip developer Emaar properties (EMAR.DU) rising 1%, while its unit Emaar Malls (EMAA.DU), operator of glitzy Middle East shopping centers, advanced 1.5%.

Emaar Properties is weighing options to sell fashion e-commerce business Namshi that may include a listing abroad via a SPAC, Reuters reported on Tuesday, citing three sources familiar with the matter. read more

An outright sale of Namshi may generate $600 million to $700 million in proceeds, while a listing through a special purpose acquisition company (SPAC) could be more lucrative, said one of the sources.

SPACs are not permitted on UAE bourses, encouraging companies to seek out alternative venues. read more

Saudi Arabia's benchmark index (.TASI) eased 0.1%, with Saudi Telecom Company (7010.SE) falling 0.9%, and oil behemoth Saudi Aramco (2222.SE) losing 0.3%.

However, oil prices, a key catalyst for the Gulf's financial stocks, rose ahead of OPEC+ meeting and Energy Information Administration report.

In Abu Dhabi, the index (.ADI) fell 0.4%, weighed down by a 0.5% fall in First Abu Dhabi Bank (FAB.AD), a day after the country's largest lender launched 250 million pounds ($343.93 million) in 5-year bonds.

Among other losers, Abu Dhabi National Hotels (ADNH.AD) retreated a further 5%.

Abu Dhabi state-owned holding company ADQ has withdrawn an offer to combine Abu Dhabi National Hotels Company (ADNH) with Abu Dhabi National Exhibitions Company (ADNEC). read more

The Qatari index (.QSI) edged up 0.1%, helped by a 1.2% rise in petrochemical maker Industries Qatar (IQCD.QA).