Dubai Stocks Lead Mideast Declines as Real Estate Shares Drop

 

Real-estate and construction companies dragged Dubai’s stocks to the lowest level in five weeks as equity gauges across the six-nation Gulf Cooperation Council retreated.

Dubai’s DFM General Index slid 1.7 percent to close at 4,049.98, pulled lower by a 2 percent declined in the Dubai Financial Market Real Estate Index. Emaar Properties PJSC, the developer with the biggest weighting on the gauge, dropped the most since May 4. Arabtec Holding slipped to the lowest level since April 2 after a newspaper reported that Egypt ended talks with the construction company to build 1 million housing units.

Read the entire article at Bloomberg.