Gulf mostly muted as Emaar Properties weighs on Dubai

Gulf mostly muted as Emaar Properties weighs on Dubai

In Dubai, the main share index dropped 1.3 per cent, extending losses for a fourth straight session

Developer Emaar Properties dived two per cent, following a weak outlook on Dubai housing market on the back of an increase in borrowing costs. — File photo

By Reuters Published: Mon 5 Sep 2022, 7:49 PM

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 per cent, extending losses for a fourth straight session. Developer Emaar Properties dived two per cent, 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