Shares in Qatar climbed for a second day after soccer’s governing body FIFA cleared the Gulf Cooperation Council desert state to host the 2022 World Cup. Dubai stocks also increased.
The QE Index added 0.1 percent, poised for the biggest advance in almost a week, to 13,746.05 at 10:49 a.m. local time. Industries Qatar QSC, the stock with the second-highest weighting on the measure, advanced 1.4 percent, its biggest increase since Nov. 9. The DFM General Index in Dubai rose 0.6 percent, as Dubai Islamic Bank PJSC gained 2.6 percent.
Soccer’s governing body on Thursday cleared Russia and Qatar to host the next two World Cups after allegations of corruption in the bidding process for the events. While FIFA’s ethics committee found some irregularities, the violations weren’t enough to reopen the process, according to a summary report. Qatar plans to spend $200 billion building stadiums, roads, railroads and even a new city before it hosts the tournament.
FIFA’s announcement “indicates that all that money announced and committed to build stadiums and infrastructure to host the event will now be spent,” Tariq Qaqish, the head of asset management at Dubai-based Al Mal Capital PSC, said by e- mail. “Investors will be more confident about their medium- to long-term investments in Qatari stocks.”
Industries Qatar rose to 197.50 riyals. DIB, the largest shariah-complaint lender in the United Arab Emirates, advanced to 7.84 dirhams, the highest since Oct. 13.
Abu Dhabi’s ADX General Index climbed 0.8 percent, Oman’s MSM 30 Index increased 0.5 percent and Bahrain’s main gauge added 0.9 percent. Kuwait’s SE Price Index retreated 0.9 percent.
To contact the reporter on this story: Sarmad Khan in Dubai at firstname.lastname@example.org To contact the editors responsible for this story: Samuel Potter at email@example.com Dana El Baltaji.