United Arab Emirates shares closed at their lowest level in about two weeks, led by Abu Dhabi Commercial Bank and Emaar Properties PJSC, after the central bank said domestic lenders are owed $2.9 billion by two troubled Saudi family businesses.
Abu Dhabi Commercial, the U.A.E.’s third-biggest bank by assets, declined the most since Nov. 1, while Emaar, the country’s biggest property developer, fell for a third day to its lowest level in more than a week. Home prices in the emirate may take at least a decade to recover, UBS said in a report yesterday. The Dubai Financial Market General Index slid 0.8 percent while Abu Dhabi’s index lost 0.9 percent.
“Real estate is weak due to negative sentiment in a UBS report on real estate and the central bank disclosure on the U.A.E. banking sector exposure to Saad and Al Gosaibi is impacting markets,” said Mark Friedenthal, a fund manager at Abu Dhabi Commercial Bank.
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