MidEast Shares Mostly Gain But Volumes Thin – Nasdaq

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MidEast shares mostly edged higher, but volumes were thin before
the Ramadan and summer holidays.

In company news, Shuaa Capital jumped after sources told Reuters
the company cut about 15% of its workforce at the end of last week,
ahead of a possible sale of a stake in the company by Dubai Group.
There is speculation in the market a major financial firm in Dubai
or the Middle East could buy Dubai Group’s 48% stake.

GFH Financial invited its shareholders and investors to attend a
briefing by senior management in Dubai on Wednesday afternoon on
its future prospects.

Medinet Nasr said it was considering taking out a 1 billion
Egyptian pound ($113 million) loan to speed up development of one
of its plots.

Saudi Arabia’s main index edged up 0.8% to 6,475 points, Dubai
rose 1% to 3,248 points, Abu Dhabi added 0.6% to 4,222 points,
Qatar slipped 0.2% to 9,665 points, Egypt gained 1.1% to 7,497
points, Kuwait rose 0.2% to 5,323 points, Oman eased 0.2% to 5,937
points and Bahrain firmed 0.1% to 1,101 points.

MidEast Shares Mostly Gain But Volumes Thin – Nasdaq}