Dubai shares fell the most in a week after results at Arabtec Holding Co., the biggest construction company in the United Arab Emirates, disappointed investors.
Arabtec, which is in the process of selling a 70 percent stake to Aabar Investments PJSC, closed at the lowest in almost three months after recording its first quarterly loss as a publicly traded company. Emaar Properties PJSC,the developer of the world’s tallest skyscraper in Dubai, retreated for a second day. Dubai Financial Market, the only Gulf Arab stock market to sell shares to the public, fell the most in a week as it reported a decline in full-year profit. TheDFM General Index lost 1 percent to 1,573.15.
“We were holding our breath for the Arabtec earnings to get a good sense of where the property food chain is,” said Saud Masud, a Dubai-based analyst for UBS AG. “What we got was not very positive. The Aabar deal is a must now.”
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