Oman’s plan to build a $1 billion natural-gas pipeline from Iran is the latest sign that Saudi Arabia is failing to bind its smaller Gulf neighbors into a tighter bloc united in hostility to the Islamic Republic.
Dubai stocks rallied the most in almost three months and Abu Dhabi’s index advanced on optimism real estate projects in the United Arab Emirates and abroad will boost earnings. Qatari shares increased.
Dubai’s benchmark stock index fell the most in a month, tracking a decline in global markets last week, on investor concern this year’s rally was overdone given prospects for earnings growth. Saudi Arabia’s gauge dropped.
Qatar’s national oil company has dropped out of a group of state-backed investors seeking to buy a stake in Occidental Petroleum Corp.’s Middle East business amid a political dispute in the region, people with knowledge of the matter said.
Occidental Petroleum Corp., seeking to raise as much as $8 billion by selling a stake in its Middle East business, said a political dispute in the region is complicating plans to sell to a single investor group.