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Dubai Stocks Extend Rout With Biggest Drop Since August

Dubai stocks dropped the most in 10 months as top-level dismissals at Arabtec Holding Co., the United Arab Emirates’ largest-listed builder, stoked a selloff in a market that almost quadrupled in less than two years.

The DFM General Index fell 6.7 percent, the most since August, to 4,009.01 at the close in the emirate as 12 stocks lost more than 9 percent, amid speculation leveraged traders liquidated positions as the index fell 25 percent from its May peak. Arabtec dropped 9.8 percent to the lowest since January after the company confirmed it cut staff. People familiar with the matter said yesterday the chief operating officer, chief information officer and chief risk officer were fired.