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MidEast Stocks Mostly Rise On Strong Oil, Emaar Development Closes Below IPO Price

Nov 23

Middle East shares mostly advanced on the back of stronger oil prices but underlying worries over increased tensions between Saudi Arabia and Iran over instability in Lebanon and the conflict in Yemen continue to linger.

In company news, Emaar Development, the local property development unit of Emaar Properties, closed below its IPO price of 6.03 dirhams

GFH Financial said it had started talks with Saudi Arabian authorities to cross-list its shares in Riyadh.

Saudi Arabia's main index edged up 0.7% to 6,822 points, Dubai jumped 1% to 3,445 points, Abu Dhabi fell 0.9% to 4,274 points, Qatar firmed 0.4% to 7,798 points, Egypt rose 0.8% to 13,839 points, Kuwait dipped 0.04% to 6,229 points, Bahrain inched up 0.4% to 1,269 points and Oman gained 0.02% to 5,078 points.