Dubai Stocks Fall Most in 3 Weeks, Led by Emaar; Saudi Drops

Dubai’s benchmark index lost the most in almost three weeks, leading a drop in the region, after Emaar Properties PJSC said it wasn’t restructuring the debt of its Indian unit and Gulf companies reported declining earnings.

Emaar, the United Arab Emirates’ biggest developer, slid the most in two months after dismissing a report that it plans to restructure the debt. RAK Properties, the developer that built Ras Al Khaimah’s first man-made islands, declined the most since Oct. 4 after posting a 63 percent slump in third-quarter profit. National Bank of Oman SAOG had its biggest one-day retreat in five months after reporting a 44 percent drop in profit.

“There are still more hurdles to look at including earnings and also the deadline on payments of debt, the restructuring story in Dubai,” said Rabih Sultani, a fund manager at Duet Mena Ltd. in Dubai. “We’re seeing some profit- taking. Oil continues to be strong and that is holding up the markets a bit.” Crude closed at a 2009 high on Oct. 16.