Damac, Emaar and Arabtec shares tumble in Dubai
Shares in big property developers and the builder Arabtec on Sunday saw big declines on the Dubai Financial Market
Shares in some of Dubai’s biggest property and construction firms saw steep declines on Sunday, helping drag the overall market index down by 1.67%.
The builder Arabtec fell by 3.32% after a report in the Al Mal newspaper claiming that a plan to build a million housing units in Egypt had fallen through. Arabtec did not immediately comment on the report, which cited an anonymous source.
Shares in Emaar – the developer behind the Burj Khalifa, the world’s tallest building – were down 1.46% in Sunday trading on the Dubai Financial Market.
Rival developer Damac saw the biggest share selloff by value, with its share price closing down 3.45% at the end of the day.
The developer said in a bourse statement that it has proposed a cash dividend of at least 25% of paid-up share capital for 2015 and 2016 to be distributed as an interim and final dividend.
