Dubai shares are poised for their lowest close since July, led by Emaar Properties PJSC and Emirates NBD, as investors price in the emirate’s debt burden.
Emaar, the United Arab Emirates’ biggest real-estate developer, slumped 10 percent. Union Properties PJSC is headed for the lowest close since April 2. Emirates NBD retreated to the lowest since September. The DFM General Index slid 5.5 percent, the biggest fluctuation among global benchmarks tracked by Bloomberg, to 1,750.8 at 12:02 p.m. in the emirate, heading for the lowest close since July 22.
Dubai World last week began talks with banks to restructure $26 billion of debt, including a $3.52 billion Islamic bond of property unit Nakheel PJSC, and said the remainder of its liabilities are on “a stable financial footing.” The emirate on Nov. 25 said it was seeking a “standstill” agreement on Dubai World’s debt, the holding company with $59 billion in liabilities. Dubai’s benchmark index has declined 16 percent since the announcement.
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