Mideast stocks: Property shares buoy Dubai; Qatar Extends losses

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Major stock markets in the Gulf rose in early trade on Sunday, with indexes in the Dubai leading the gains on the back of their property shares, while Qatar bucked the trend to open lower.

In Dubai, the index opened 0.7% higher, on track to extend gains for a third consecutive session, led by a 0.8% increase in blue-chip developer Emaar Properties, and a 0.6% gain in sharia-compliant lender Dubai Islamic Bank.

The Dubai-2040 plan forecasts 400% increase in beach capacity and 168 square km of lands allocated to logistics and other businesses, a government statement said. Separately, Reuters reported last year in November that Saudi Arabia plans to ease foreign workers’ contractual restrictions, abolishing a controversial seven-decade-old sponsorship system known as kafala.

 

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