Dubai shares tumble 5.8%, most in seven weeks

Dubai shares fell the most in seven weeks, leading the Gulf lower, as oil fell for a second day.

The Dubai Financial Market General Index slid 5.8%, its biggest decline since 28 June. The measure is at its lowest level since 23 July. Abu Dhabi’s index lost 2.4% and Qatar’s DSM 20 Index fell 2.2%.

Dubai Holding, a state owned diversified group said it plans to focus on four businesses, including property and hospitality, as part of a reorganisation aimed at weathering the global credit crunch.