Foreign Investors Sell Dubai Stocks as Oil Drop Raises Risk - Bloomberg Business

Foreign Investors Sell Dubai Stocks as Oil Drop Raises Risk - Bloomberg Business:

"Foreign investors already spooked by geopolitical risks in the Middle East are selling Dubai stocks after OPEC failed to set a cap on oil production, which would have helped raise prices and boost government revenue in the Arab Gulf.
Emaar Properties PJSC, the stock that makes up almost a fifth of Dubai’s DFM General Index, declined to a two-year low and was the biggest contributor to losses in the emirate. The developer of the Burj Khalifa in Dubai, the world’s tallest tower, is about 30 percent owned by the government.
"Stocks held by foreigners, such as Emaar Properties, are being punished because they don’t feel the risk is worth the return anymore, especially now that oil is falling again and the geopolitical risks are still high," said Tariq Qaqish, the head of asset management at Dubai-based Al Mal Capital PSC."



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