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.
READ MORE: The Dubai Financial Market
READ MORE: Shares in Dubai’s Arabtec down 5% after Q2 loss
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.
READ MORE: The Dubai Financial Market
READ MORE: Shares in Dubai’s Arabtec down 5% after Q2 loss
