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Persian Gulf Stocks: United Development, Saudi Real Estate

Jan. 15 (Bloomberg) -- Dubai’s shares tumbled to the lowest since June 2004, dropping 1 percent to 1,314.47 at the 2 p.m. close in the emirate. Qatar’s QE Index retreated 0.7 percent and Saudi Arabia’s Tadawul All Share Index was little changed.

The following shares were active in the Persian Gulf region. Stock symbols are in parentheses.

United Development Co. (UDCD QD) fell for a second day, decreasing 1.9 percent to 23.82 riyals. Khalil Sholy, the managing director and president of the Qatari investor in infrastructure and energy, resigned.

Saudi Real Estate Co. (SRECO AB) declined the most in more than five months, tumbling 4.6 percent to 25 riyals. The property developer posted a 46 percent decline in fourth-quarter profit to 60.6 million riyals ($16 million).

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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