Dubai shares retreated the most this month after weaker-than-estimated data on U.S. home sales, factory orders and consumer spending cast doubt on the global economic recovery and oil fell from a three-month high.
Emirates NBD PJSC, the United Arab Emirates’ biggest bank by assets, slid 2.8 percent and Emaar Properties PJSC, builder of the world’s tallest skyscraper, dropped for the first time this week. Dubai’s DFM General Index fell 1.1 percent, the most since July 25, to 1,510.57 at 1:42 p.m. in the emirate. The Bloomberg GCC 200 Index of Gulf stocks slipped 0.4 percent.
“The correlation with global markets is still there,” said Haissam Arabi, chief executive officer of Gulfmena Alternative Investments in Dubai. “It’s natural to see a bit of a pullback.”"
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