Why Is Dubai’s Stock Market Crashing?

The Dubai Financial Market has been taking a beating for weeks, and news of firings at Arabtec, the United Arab Emirates’ largest listed builder, caused a new round of panic yesterday. Shares in the stock exchange fell 6.7 percent, to 4,009.01, leaving them down 25 percent from their May peak. It was the end of a long bull market: Since June 2012, shares in the emirate had climbed 250 percent.

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