Dubai Leads Arab Gulf Stock Decline as Oil Slump Raises Risk
Oil Falls Below $40 as OPEC Extends Glut
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Almost every benchmark stock index in the Arab Gulf declined, led by Dubai equities, after OPEC’s failure to set a cap on oil production spooked investors who had already been concerned by the Middle East’s geopolitical risks.
Emaar Properties PJSC, the stock that makes up almost a fifth of Dubai’s DFM General Index, slumped to a two-year low and was the biggest contributor to losses in the emirate, the steepest drop in emerging markets. The developer of the Burj Khalifa in Dubai, the world’s tallest tower, is about 30 percent owned by the government. The Bloomberg GCC 200 Index, which tracks the region’s top 200 companies, fell 0.7 percent.