Gulf Stocks: Qatar International Islamic, United Real Estate

Dubai’s DFM General Index (DFMGI) rose 1.2 percent at the 2 p.m. close in the emirate, bringing the weekly gain to 1.5 percent. Qatar’s QE Index advanced 0.8 percent. Saudi Arabia’s market was closed for the weekend.

The following stocks rose or fell in the Gulf. Symbols are in parentheses.

Qatar International Islamic Bank (QIIK) gained the most since March 8, rising 2.1 percent to 46 riyals. The country’s third-largest Islamic bank by assets agreed to buy shares it doesn’t already own in the Birmingham, U.K.-based Islamic Bank of Britain Plc for about 4.8 million pounds ($7.8 million).

United Real Estate Co. (URC) increased a second day this week, rising 2.4 percent to 85 fils. The Kuwaiti company that leases, buys and sells properties said net income rose to 5.6 million dinars ($20 million) last year from 3.8 million dinars in 2009.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.