MIDEAST STOCKS-Emaar weighs on Dubai, Banks drag down Saudi early on | ZAWYA MENA Edition:
"Emaar Properties weighed on Dubai's stock market in early trade on Monday for the second day in a row, while Saudi Arabia was dragged down by the banking and insurance sectors.
The Dubai index lost 0.7 percent as Emaar fell another 2.0 percent, after losing 2.1 percent on Sunday, after it said it expects to sell 20 percent of its local property development unit Emaar Development LLC next month in an initial public offering.
Previously, Emaar had said it would offer up to 30 percent of the business, distributing funds raised as dividends to shareholders in the parent company. It did not say on Sunday why the sale was expected to be only 20 percent. "
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