* Dubai breaks three day losing streak * Nasdaq-listed DP World gains after stake purchase * 9 of 10 banks rise in Saudi * Egypt exchange resets SODIC, MNHD after merger called off By Ateeq Shariff Jan 23 (Reuters) - The Dubai stock market snapped a three day losing streak on Wednesday, boosted by its financial and property shares, while Saudi Arabia rose on the back of its banks.
The Dubai index was up 0.9 percent higher with Emirates NBD, its largest bank, adding 2.1 percent and its largest listed developer Emaar Properties gaining 2.2 percent.
Gulf Arab economies are expected to grow at a slower pace than previously forecast, a quarterly Reuters poll of economists found, as oil output cuts, lower crude prices and weaker global growth put pressure on regional economies.
Amlak Finance rose 2.2 percent after announcing a renegotiation of restructuring terms with its financiers to allow more flexibility in adapting to "current market conditions".
Nasdaq-listed DP World increased 0.7 percent after increasing its stake in its Australia unit. The port operator will spend at least $250 million buying back some shares in its Australian port terminals unit.
Saudi Arabia's index rose 0.8 percent, with nine out of 10 banks rising. Al Rajhi Bank was up 0.6 percent and Samba Financial Group closed 1.7 percent higher.
Petrochemical investor Alujain added 1.5 percent after an update on the fire at its affiliate's plant. The company said it now expects the NATPET plant to start operating all units by the end of September.
The Egyptian blue-chip index was up 0.2 percent with its largest listed bank Commercial International Bank gaining 4.2 percent.
The Egyptian Exchange on Wednesday cancelled all transactions made the previous day in local firms Sixth of October Development and Investment Company (SODIC) and Madinet Nasr for Housing and Development (MNHD).
The move followed SODIC's decision against a takeover of MNHD and involved their shares being suspended on Wednesday as the bourse reset prices.
Global Telecom Holding jumped 10 percent before trading on its shares were suspended, pending a statement from the company after VEON Ltd, a major shareholder in the firm, said it was considering taking it private.
But Alexandria Mineral Oils Co plunged 7.8 percent in active trade after posting a 62.6 percent drop in its half-year net profit.
Qatar's index lost 0.4 percent with Industries Qatar and Qatar Gas Transport (Nakilat) both shedding 1.6 percent.
Qatar was one of the world's best performing markets last year with a 20.8 percent gain, partially helped by increasing foreign ownership limit to 49 percent.
Abu Dhabi's index added 0.3 percent, with First Abu Dhabi Bank the largest lender in the United Arab Emirates gaining 0.6 percent.
SAUDI ARABIA The index was up 0.8 pct at 8,466 points DUBAI The index rose 0.9 pct to 2,517 points QATAR The index lost 0.4 pct to 10,650 points ABU DHABI The index was up 0.3 pct at 4,971 points EGYPT The index was up 0.2 pct at 13,507 points KUWAIT The index lost 0.4 pct to 5,482 points OMAN The index was down 0.4 pct at 4,166 points BAHRAIN The index added 0.7 pct to 1,362 points ($1 = 17.8800 Egyptian pounds) (Reporting by Ateeq Shariff in Bengaluru; Editing by Alison Williams)