Mideast Stocks: Gulf mostly muted as Emaar Properties weighs on Dubai

Mideast Stocks: Gulf mostly muted as Emaar Properties weighs on Dubai

Middle East stock markets ended in red on Monday trade with Dubai leading the losses, dragged down by Emaar properties, while Egyptian market extended the gains led by telecoms stocks.

Saudi Arabia's non-oil private sector expanded in August at its fastest rate since October, as business activity was boosted by improving demand conditions, a survey showed. A similar survey in UAE showed non-oil private sector grew in August at its fastest pace since June, 2019, boosted by better demand and lower selling prices, though sentiment about the future slipped to a 17-month low.

In Dubai, the main share index dropped 1.3%, extending losses for a fourth straight session. Developer Emaar Properties dived 2%, following a weak outlook on Dubai housing market on the back of an increase in borrowing costs.

Analysts suggested that property prices in Dubai will rise this year and next at a slower pace than previously thought as higher mortgage rates and the cost of living crisis will reduce foreign demand.

Most analysts said the recovery was fragile and uneven, and an oversupply of residential properties along with rising interest rates would pressure prices over the coming months. Meanwhile, Dubai road-toll operator Salik said on Monday it is selling 20% of