#Dubai's Emaar in talks with Indian groups, including Adani, to sell stake in local business | Reuters

Dubai's Emaar in talks with Indian groups, including Adani, to sell stake in local business | Reuters

Emaar Properties (EMAR.DU), opens new tab, Dubai's largest listed real estate firm, is in talks with "a few groups" in India including Adani Group to sell a stake of its Indian business, it said on Thursday.

The builder of the world's tallest building, the Burj Khalifa, and other iconic parts of Dubai, said in a statement that the valuation and other terms of a potential deal were not finalised, without adding further details.

The statement followed media reports on Wednesday stating that Adani Realty, the real estate unit of Indian billionaire Gautam Adani's Adani Enterprise (ADEL.NS), opens new tab, was in advanced talks to acquire a majority stake in Emaar India.

Emaar started its operations in the country in 2005 and has a portfolio of residential and commercial properties in Gurugram, Mohali, Lucknow, Jaipur and Indore, according to its website.

Besides India, it operates internationally in other markets including Saudi Arabia, Turkey and the US.

Most Gulf markets gain on Fed rate cuts, Gaza ceasefire | Reuters

Most Gulf markets gain on Fed rate cuts, Gaza ceasefire | Reuters

Most stock markets in the Gulf ended higher on Thursday, driven by softer core U.S. inflation data that fuelled hopes for Federal Reserve rate cuts.

Data showed on Wednesday the U.S. consumer price index (CPI) rose 2.9% year on year in December, meeting expectations, while core inflation increased by 3.2%, marginally below the predicted 3.3%.

Investors drew encouragement from the inflation data, which was further bolstered by Tuesday's release of U.S. producer price data showing moderate growth in December.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions, as most regional currencies are pegged to the dollar.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.4%, with Al Rajhi Bank (1120.SE), opens new tab rising 0.5% and the country's biggest lender Saudi National Bank (1180.SE), opens new tab advancing 1.3%.

In Qatar, the index (.QSI), opens new tab ended 0.4% higher, led by a 2.4% increase in Commercial Bank (COMB.QA), opens new tab and a 1.5% rise in Dukhan Bank (DUBK.QA), opens new tab ahead of its earnings announcement.

Meanwhile, Hamas and Israel reached a deal for a ceasefire in Gaza that mediators said would take effect on Sunday and include a release of hostages held there during 15 months of bloodshed that devastated the Palestinian enclave and inflamed the Middle East.

Dubai's main share index (.DFMGI), opens new tab fell 0.3%, hit by a 3.9% slide in utility firm Dubai Electricity and Water Authority (DEWAA.DU), opens new tab.

However, Emaar Properties (EMAR.DU), opens new tab added 0.8%, after Dubai's largest listed real estate firm said on Thursday it is in talks with "a few groups" in India including Adani Group to sell a stake of its Indian business.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.7%, with Commercial International Bank (COMI.CA), opens new tab rising 1.1%.