Dubai Shares Decline Most in a Week, Lead Gulf Drop, Paced by Emaar, DIB - Bloomberg

Persian Gulf shares fell, with Dubai’s index retreating the most in a week, after oil declined and reports signaled the global economic recovery is faltering.

Emaar Properties PJSC (EMAAR), developer of the world’s tallest tower, dropped 1.8 percent. Dubai Islamic Bank PJSC (DIB), the United Arab Emirates’ biggest Shariah-compliant lender, slipped as much as 2 percent. The DFM General Index (DFMGI) fell 1.3 percent, the most since Aug. 11, to 1,448.81 at 10:58 a.m. in Dubai. The Bloomberg GCC 200 Index (BGCC200) retreated 0.3 percent. The 147-company Tadawul All Share Index (SASEIDX) lost 2.6 percent yesterday.

Markets are trading lower on the “back of Saudi Arabia yesterday and global markets worsening over the weekend,” said Haissam Arabi, chief executive officer at Gulfmena Alternative Investments in Dubai. “We’re seeing 100 percent correlation with global marco themes. The correlation will continue for some time, although at some point that should change as our fundamentals are entirely different.”

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