Dubai shares fell to the lowest in more than two months, leading a drop in the Middle East, as the emirate said it plans to sell shares of large companies and on concern an Irish financial bailout won’t stem Europe’s crisis.
Emaar Properties PJSC, builder of the world’s tallest skyscraper, closed at the lowest in almost three months. Aramex PJSC, the United Arab Emirates-based courier company, decreased 4.3 percent. The DFM General Index fell 1.4 percent to 1,659.5, the lowest level since Sept. 16, at the 2 p.m. close in Dubai. The Bloomberg GCC 200 Index of Gulf stocks lost 0.2 percent at 1:11 p.m. in Riyadh. Egypt’s gauge declined.
Dubai plans to sell shares of some of the emirate’s large companies, Sheikh Ahmed Bin Saeed al Maktoum, chairman of the Dubai Supreme Fiscal Committee, said at a conference today. The emirate racked up $109.3 billion of debt to transform into a tourism, trade and financial-services hub, according to the International Monetary Fund. Last year Dubai World sought to alter terms on $24.9 billion of debt.
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