Mideast Stocks: Gulf bourses end mixed, Qatar retreats ahead of referendum

Stock markets in the Middle East ended mixed on Wednesday, while the Qatari index tumbled ahead of a constitutional amendment referendum.

Saudi Arabia's benchmark index <.TASI> lost 0.4%, weighed down by a 1.8% fall in the ACWA Power Company <2082.SE>, while Saudi Awwal Bank <1060.SE> retreated 3%.

Dubai's main share index <.DFMGI> gained 0.5%, with toll operator Salik Company <SALIK.DU> advancing 6.8% and Parkin Company <PARKIN.DU>, which oversees public parking operations in the Emirates, closing 1.7% higher.

Dubai - the regional trade and tourism hub - approved a 2025-2027 budget on Tuesday with 272 billion dirham ($74.06 billion) of expenditure, the biggest in the emirate's history, against revenues of 302 billion dirhams, its ruler Sheikh Mohammed bin Rashid al-Maktoum said in a post on X. 

Sheikh Mohammed said that next year's budget would achieve an operating surplus of 21% of total revenues for the first time.

In Abu Dhabi the index <.FTFADGI> added 0.2%, helped by a 2.7% increase in Aldar Properties <ALDAR.AD>, a day after the developer reported a sharp rise in quarterly net profit.

The Qatari benchmark <.QSI> dropped 1.2%, with most of its constituents in negative territory including the Gulf's biggest lender Qatar National Bank <QNBK.QA>, which was down 1%.
Qatari Emir Sheikh Tamim bin Hamad Al Thani has set Nov. 5 as the date for a referendum on constitutional amendments, the Gulf country's Amiri Diwan administrative office reported on Tuesday.

The rare referendum is for citizens to vote on a set of constitutional amendments, including a proposal that would abandon an effort to introduce elections.

Outside the Gulf, Egypt's blue-chip index <.EGX30> fell 0.8%, with Talaat Mostafa Holding <TMGH.CA> losing 2.3%.

($1 = 3.6729 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Jan Harvey)