Dubai Shares Slump to 14-Month Low on Dubai Holding Unit Loss - Bloomberg.com

Dubai shares fell to a more than 14- month low on concern losses at state-controlled entities will threaten economic recovery after a real estate and hospitality company owned by the emirate’s ruler posted a full-year loss.

Emaar Properties PJSC, the developer of the world’s tallest skyscraper, dropped to the lowest in almost three months, and Arabtec Holding PJSC fell to the lowest level since Dec. 13. National Central Cooling Co., the refrigeration company that delayed payments on an Islamic bond last week, also tumbled. The DFM General Index retreated 3.1 percent to 1,531.15, the lowest since March 2009. The Bloomberg GCC 200 Index of 200 companies in the Gulf slid 1.2 percent at 2:46 p.m.

Dubai Holding Commercial Operations Group LLC reported a full-year loss of 22.8 billion dirhams ($6.2 billion) after a profit of 10 billion dirhams in 2008 as property prices plunged in the Gulf’s trade and tourism hub. Dubai Holding LLC, Dubai Holding Commercial’s parent, and its units owe banks $12 billion and have begun talks to roll over some loans, a person with knowledge of the matter said May 10.