Gulf Arab Shares Decline on Oil, U.S. Growth Risk; Aabar Falls - Bloomberg.com

Gulf shares dropped, led by declines in Dubai and Abu Dhabi, as crude oil tumbled and lower-than- estimated U.S. jobs growth and a spreading debt crisis in Europe fueled concern the global economic recovery will slow.

Emaar Properties PJSC, the developer of the world’s tallest skyscraper, fell to the lowest level in three months, and Dubai Financial Market, the only Gulf Arab market to sell shares to the public, dropped for a second day. Aabar Investments PJSC slumped to the lowest since July 13. The DFM General Index retreated 1.8 percent to 1,513.49, the lowest since March 2009. The Bloomberg GCC 200 Index of 200 companies in the region slipped 1 percent at 3:20 p.m. in Dubai, and Egypt’s EGX 30 Index declined 2.2 percent.

“The global selloff, and the drop in the euro and oil prices are not helping investor sentiment,” said Saud Masud, a Dubai-based analyst at UBS AG.