Dubai’s benchmark index declined, leading a drop in United Arab Emirates shares, after Deyaar Development PJSC and Aldar Properties PJSC reported first- quarter losses.
Deyaar, the Dubai-based developer, tumbled to its lowest close on record. Aldar, Abu Dhabi’s biggest property developer, fell to its lowest level in two months after missing analysts’ estimates. The Dubai Financial Market Index slipped 0.9 percent to 1,724.27, extending last month’s 5.6 percent decline. ADX General Index retreated for a fifth day, losing 0.1 percent.
Earnings “have all come out weaker than expected, particularly on the real-estate front,” said Dubai-based Rabih Sultani, a fund manager at Duet Mena Ltd. in Dubai, a unit of Duet Group, which oversees $2.1 billion.
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