Dubai shares decline to month-low on Fed growth forecast, MSCI

Dubai’s shares fell to the lowest this month after the Federal Reserve cut its growth forecast for the US economy and MSCI Inc delayed a decision to reclassify the UAEto emerging-market status.

Emaar Properties, the developer of the world’s tallest tower, lost 1.3 percent and Arabtec Holding Co, the UAE’s biggest construction company by market value, slumped to the lowest in almost a month.

The DFM General Index slipped 0.8 percent to 1,537.48, the lowest since May 30, at the 2 pm close in the emirate, bringing the loss for the week to 4 percent. Abu Dhabi’s ADX General Index dropped 0.6 percent, while Qatar’s QE Index retreated less than 0.1 percent.