Middle East Shares Mixed

MidEast stocks were mixed, with Ezdan Holding dragging Qatar lower. Ezdan is still dropping after shareholders gave last week preliminary approval for the company to delist and the exchange said it had removed Ezdan from the QSE index after Monday’s close. In other news, Dana Gas rose after an article on the website of Pearl Petroleum said Pearl, Dana and Crescent Petroleum had applied to a U.S. District Court for recognition and enforcement of awards made at the London Court of International Arbitration against the KRG. The story reportedly said documents associated with the U.S. court filing revealed Pearl was seeking another $26.5 billion in damages through a final phase of arbitration, which was expected to begin in September.

KRG said, according to Reuters, it would “continue vigorously to pursue its rights and defend its position”. It has resisted legal efforts to make it pay Pearl for years, and it is not clear if the latest legal action will have a different result.

Related posts