MIDEAST STOCKS-Property stocks weigh on Dubai; Saudi up on banks - Agricultural Commodities - Reuters:
Dubai’s stock market was on course to snap six sessions of gains on Tuesday, pressured by losses in real estate shares, while the Saudi index gained on the back of a rally in banks.
Dubai’s main share index retreated 1.4%, weighed down by a 2.4% fall in blue-chip developer Emaar Properties and a 1.4% drop in Emaar Malls.
Mall operators in the Gulf region are delaying new mega-projects as the COVID-19 pandemic and low oil prices upend a retail industry built around huge centres catering to tourists and wealthy locals.
Emaar Malls, owner and operator of the world’s largest shopping centre, Dubai Mall, has halted construction on two projects, according to two sources familiar with the plans.
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