Most stock markets in the Middle East gained on Monday, led by Dubai, where construction firm Arabtec Holding rose sharply after a key shareholder bought a stake in a major Egyptian property developer.
Khaleej Times reported that Dubai’s index jumped 2.8%, its biggest daily gain in three weeks, as Arabtec, which dominated trading volumes, surged 8.8%.
“It shows there is a strong commitment [by the UAE] to support the Egyptian economy, especially in the real estate sector,” said Sebastien Henin, head of asset management at The National Investor in Abu Dhabi. “We could imagine it might sooner or later benefit Arabtec, for example with a new project.”
Qatar’s index gained 0.7%, while Saudi Arabia’s index rose 1.1%, largely on the back of the banking sector.
Egypt’s benchmark added 0.9%, Kuwait’s index edged down 0.7%, while Oman’s bourse added 0.3%.