MIDEAST STOCKS-Emaar drags down Dubai; Gulf markets weak | Reuters:
"Emaar Properties shares were dumped in heavy, early trade on Sunday after its Address Downtown luxury hotel in Dubai was hit by a fire on New Year's Eve. This dragged down Dubai's bourse, while other Gulf markets slipped in sluggish trade.
Emaar Properties was down 2.5 percent at 5.55 dirhams after 45 minutes of unusually heavy trade, off a low of 5.44 dirhams.
In a brief statement, Emaar said: "The building and risk of fire are covered by insurance so there should be no material impact on the company as a result of this incident."
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