Qatar, Saudi down, Dubai lifted by new incentives for investors

DUBAI: Qatar’s stock market was trading down early yesterday as shares of Commercial Bank fell after talks to sell its stake in United Arab Bank to a UAE investor failed.

Saudi Arabia’s index was also down, while Dubai showed some gains after the emirate’s government announced new measures to stimulate the economy.

Qatar’s index shed 0.6 per cent with Commercial Bank falling 1.9 per cent after announcing talks with Tabarak had ended without a deal following months of negotiations. United Arab bank was flat on the Abu Dhabi index.

Commercial Bank started talks to sell its stake in UAE- based United Arab Bank to Tabarak last year.

Qatar has been embroiled in a political row with UAE, Saudi Arabia, Bahrain and Egypt for over a year.

Blue chip Industries Qatar was down 1.5 per cent.

In Saudi Arabia, the index fell 0.4 per cent as top petrochemical company Saudi Basic Industries shed 1.3 per cent. Al Marai, the Gulf’s largest dairy company, was down 2.3 per cent.

Shares in National Medical Care Co jumped 7.5 per cent in early trade to 60 Saudi riyals ( US$ 16) after the company said a unit of General Organisation for Social Insurance (GOSI) reached a non-binding agreement with NMC Health to enter a private sale transaction. The shares will be swapped at 70 riyals.

Dubai’s index showed modest gains after state news agency WAM reported on Saturday the government of Dubai would make it easier for companies to clear corporate fines and renew their licence.

Dubai has announced a series of initiatives to reduce corporate costs and stimulate growth, but it remains unclear whether the steps can revitalise a slumping real estate market, a core sector of the emirate’s economy.

Builder Arabtec rising 3.1 per cent after gaining 4.3 per cent on Thursday. It has rebounded sharply from a multi-year low since it reported in mid-May its highest quarterly profit since late 2014. — Reuters