Emaar, Damac and Arabtec shares hit hard as Dubai market falls 6%

Real-estate stocks plummet as further weakness in oil prices hits UAE markets

August 23, 2015

Shares in some of the UAE’s biggest real estate and construction firms saw massive declines on Sunday morning, helping push down the main Dubai Financial Market index by more than 6%.

Dubai’s biggest developer Emaar saw an 8.16% decline in its share price, to Dh6.19, at about 12.45pm local time. Shares in Damac Properties fell 8.73% to Dh3.03, while builder Arabtec fell 8.59% to Dh1.81.

The index as a whole fell by 6.69% to its lowest level in at least four months. The selloff was attributed to further weakness in oil prices and a decision by Fitch Ratings to cut its outlook for Saudi Arabia’s debt, Reuters reported.

Abu Dhabi’s market also fell, with the index down by about 4% at 1pm. Shares in Aldar, the UAE capital’s flagship property developer, were down by 8% at 12.30pm.