Dubai shares fell to the lowest in more than three months, led by Emirates NBD PJSC, as Al Khaleej said the United Arab Emirates Central Bank asked lenders to increase provisions toward Saad and Algosaibi groups.
Emirates NBD, the country’s biggest bank, slid the most in more than seven months and Dubai Islamic Bank PJSC lost for a second day. Dubai’s DFM General Index retreated 1 percent to 1,603.38, the lowest since Sept. 13, at 1:07 p.m. in the emirate. The measure has lost 11 percent this year, headed for its worst performance since 2008. The Bloomberg GCC 200 Index of companies in the region dropped 0.3 percent.
"The interesting topic today is the increase in provisions to 80 percent for Saad debt. This impacts all the banks negatively," said Ahmed Talhaoui, Abu Dhabi-based head of investment at Royal Capital. “It is almost a total write-off.”
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