Dubai Stocks Drop Most in Almost 3 Weeks on Dubai World Report

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Dubai stocks retreated the most in almost three weeks as Zawya Dow Jones said Dubai World, the state-owned holding company seeking to restructure $22 billion of debt, may offer creditors 60 cents on the dollar after seven years. Kuwaiti’s benchmark index surged the most in six months.

Emaar Properties PJSC, the builder of the world’s tallest skyscraper, dropped the most this month. Dubai Islamic Bank, the United Arab Emirates’ largest bank complying with Islamic banking rules, fell the most in two months. Dubai’s DFM General Index lost 3.5 percent, the most since Jan. 26, to 1,617.51. Abu Dhabi’s benchmark index declined 0.6 percent.

“The sizable haircut and the length of the deferral” as reported “is a disappointment,” said Julian Bruce, director of equity sales at EFG-Hermes Holding SAE, the biggest publicly traded Arab investment bank.