DUBAI, 23 August 2007 — Saudi Arabia’s stock index climbed 0.18 percent to 8,089.09 points, its fourth rise in five trading days. After being the only loser in the Gulf, the index is up almost 2 percent this year.

Samba Financial Group paced, rising 1.03 percent.

However, Dubai’s main index suffered its biggest one-day decline in five months as investors fled Emaar Properties on uncertainty over its land-for-share deal with Dubai’s government.

Stocks in Abu Dhabi followed suit, closing lower for the eighth consecutive session, paced by shares including Aldar Properties and Sorouh Real Estate Co.

Oman and Bahrain also fell, while Saudi Arabia Kuwait and Qatar bucked the trend.

The main index dropped 2.44 percent to 3,968.09 points. It was the first time the index was below 4,000 points in 15 weeks.

Emaar Properties tumbled to its lowest close in 28 months after the company failed to allay investor concerns about its land-for-stocks-deal with the Dubai government.

The stock dropped 3.47 percent to 9.75 dirhams, its weakest finish since April 12, 2005.

“All stocks that have been moving upward and which had high activity in the past months are being hammered,” said Mohammed Yasin, managing director at Emirates Securities. “There is a big worry among investors that the correction could take longer.”

Dubai Financial Market Co. and du telecom plunged 5 percent and 5.35 percent respectively.

Abu Dhabi’s index fell 1.95 percent to 3,327.86 points, its biggest decline this month. Emirates Telecommunications Corp. and National Bank of Abu Dhabi paced, falling 1.16 percent and 3.2 percent respectively.

Sorouh Real Estate plunged 4.35 percent and Aldar Properties 5.06 percent tracking Emaar’s decline, said Karim El-Khashab, institutional trader at EFG-Hermes.

Kuwait’s index, the best performer in the Gulf this year, edged up 0.1 percent to 12,584.40 points, it third consecutive day higher. Global Investment House paced, rising 1.18 percent.

Qatar’s index rose 0.4 percent to 7,484.56 points, it third consecutive higher close. The index is up more than 4.5 percent this year. Industries Qatar and Qatar National Bank paced, up 0.64 percent and 0.68 percent respectively.

Oman’s index fell 0.42 percent to 6,577.89 points, its fifth straight trading day of declines.