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UPDATE 1-MIDEAST STOCKS-Qatar's Barwa jumps after land sale deal
October 1, 2014 / 8:04 AM / 3 years ago

UPDATE 1-MIDEAST STOCKS-Qatar's Barwa jumps after land sale deal

(Updates with markets open)

DUBAI, Oct 1 (Reuters) - Qatari developer Barwa Real Estate jumped in early trade on Wednesday after announcing a large land sale deal with the government, while main indices in Doha and Dubai were nearly flat and Abu Dhabi edged up.

Qatar’s benchmark slipped 0.05 percent, but shares in Barwa jumped 3.1 percent and were the main support.

Barwa said on Wednesday it would sell land worth 2.54 billion riyals ($697.4 million) to the government, the latest state assistance which the indebted developer has received.

In exchange for the plot of land in Lusail City, Barwa received 1.04 billion riyals in cash, while the government also settled 1.5 billion riyals of the developer’s bank loans, according to the bourse filing.

The sale was agreed on September 30 and will have a positive impact on the company’s financials, it said, although Barwa did not specify which quarter the deal would be logged in.

Dubai’s bourse was nearly flat with heavyweight stocks such as Emaar Properties and Dubai Islamic Bank unchanged.

Abu Dhabi’s index edged up 0.4 percent as telecommunications firm Etisalat climbed just as much.

Shares in energy firm Dana Gas rose 1.4 percent earlier in the session after it announced a deal with Egypt that will help it to recover most of the $280 million it is owed by the Cairo government. But the stock then pulled back to Tuesday’s closing level. (Reporting by Olzhas Auyezov; Editing by David French)

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