Dubai's stock market rose on Wednesday as Emaar Properties continued to surge following news of a large project in China, while other Middle Eastern shares were mixed.
The Dubai index added a further 0.8% after hitting an eight-month high in the last session, with property stocks leading the gains.
The country's largest listed developer Emaar Properties advanced 1.2%, extending gains for the third straight session.
On Monday, the developer signed an agreement to help deliver an $11 billion project at the site of Beijing's new mega airport.
Dubai Financial Market soared 7.6% to its highest since February 28, after higher second-quarter profits triggered a three-session rally.
Qatar's index bounced back on Wednesday, offsetting losses from the previous session, to close up 0.4%. Market heavyweight Industries Qatar advanced 1.1% and Qatar National Bank, the Gulf's largest lender, was up 0.7%.
In Abu Dhabi, the index closed 0.3% higher, rising for a seventh straight day, buoyed by energy and real estate stocks.
Dana Gas jumped 5.1%, while developer Aldar Properties added 1.3%, further consolidating its gains following an increase in profit outlook by 50% for the next three to four years.
Eshraq Investments opened on the back foot in early trading after it reported a drop in second-quarter profit. However, the stock closed 2.2% higher, as plans for doing away with a limit on foreign ownership of its shares, and for cross-listing on the Saudi Stock Exchange, outweighed poor earnings.
Egypt's blue-chip index, dropped 0.3% as most of its stocks declined, with market heavyweight Commercial International Bank losing 1.5%.
Egypt's economic growth is expected to slow to 5.5% in the fiscal year that began this month, below the government's target, and attain 5.8% the following year, a Reuters poll showed, as Cairo nears the end of an IMF-backed economic reform programme.
The Saudi index edged down 0.1%, stretching losses for a fifth consecutive day, driven down by its financial stocks.
Riyad Bank dipped 3.1%, and Samba Financial Group was down 0.7%.
Al Sorayai Group plunged 9.9% a day after its board proposed either capital restructuring or to dissolve the company as accumulated losses reach 71% of the capital.
But Tabuk Cement climbed 2.1% after it swung to a second-quarter profit, which it attributed to increased revenue as average selling prices improved.
Extended oil production cuts are lowering expectations for growth in Gulf economies, a quarterly Reuters poll of around 30 economists showed on Wednesday.
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