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Gulf Stocks: Qatar International Islamic, United Real Estate

March 17 (Bloomberg) -- Dubai’s DFM General Index 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 QD) 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 KK) 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

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