JEDDAH – Egypt's shares rose slightly on Monday after a deal between the country's army and a Dubai builder for an affordable housing project worth 280 billion Egyptian pounds ($40.2 billion). Cairo's benchmark index advanced 0.5 percent, recovering early-session losses and boosting 2014 gains to 17.6 percent. Under a deal with Cairo's army-backed government, Dubai's Arabtec will build one million homes in a project that will cover 160 million square meters across 13 sites in Egypt for lower income individuals. Some analysts said executing the colossal project could be a challenge. Qatar's measure gained 0.6 percent, up for a third session after last week's brief tumble. Saudi Arabia's measure was little changed at a 68-month high but turnover exceeded SR10 billion ($2.67 billion). Saudi developer Dar Al Arkan fell 4 percent after the firm's board proposed not to pay out 2013 dividends. It said the decision would support future business growth, but it has yet to be approved by shareholders at the annual general meeting. UAE shares were choppy as investors looked for fresh catalysts after an early-year surge. Dubai's measure climbed 0.2 percent, taking 2014 gains to 23.1 percent but has been trading sideways for three weeks. Abu Dhabi's index fell 1.0 percent to its lowest since Feb. 9. The measure has also been range-bound, trading within a range of 200 points for four weeks. "What you're seeing now is short-term uncertainty - Q4 earnings are out and Q1 is a few weeks away so it's a natural lull at this time," said Sanyalaksna Manibhandu, senior analyst at NBAD Securities. "We've had geopolitical concerns on Ukraine and Qatar but I think there is more upside to prices this year." — SG/Reuters
