Dubai Shares Drop to 4-Month Low on Global Risk; Egypt Retreats
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Dubai’s shares fell to the lowest level in more than four months on concern Europe’s debt crisis is worsening and a slowing global economy will damp demand for oil from the Persian Gulf. Egypt’s benchmark index retreated.
Emaar Properties PJSC, the developer of the world’s tallest skyscraper in Dubai, slumped the most in almost six months. Tamweel PJSC, a mortgage lender, fell to the lowest since March 1. The benchmark DFM General Index dropped 2 percent to 1,441.8 at the close in Dubai, the lowest level since Feb. 2. Egypt’s EGX30 Index dropped 1.3 percent at the close in Cairo as a verdict in the trial of former President Hosni Mubarak sparked protests.