Mideast Stocks: Major Gulf markets rise, Saudi shares lead

Mideast Stocks: Major Gulf markets rise, Saudi shares lead

Saudi Arabian shares led gains among largely positive Gulf stock markets on Tuesday, helped by a jump in financial shares.Saudi Arabia's benchmark index gained 0.5%, with Al Rajhi Bank rising and Riyad Bank climbing 0.6% and 1.2%, each.Shares of Emaar The Economic City surged 9.9%, after the developer entered subscription agreement with Public Investment Fund (PIF), the kingdom's main sovereign wealth fund.The completion of the agreement is subject to a number of conditions including the novation of the Ministry of Finance loan to PIF.Dubai's main share index rose 0.4%, led by a 0.7% gain in sharia-compliant lender Dubai Islamic Bank and 0.5% rise in Emirates NBD Bank.The emirate has hired banks to advise it on its comeback to the international debt markets as the Middle East trade and tourism hub