Dubai market plummets on Ukraine, overheating fears
The Dubai Financial Market General Index (DFMGI) dived 3.81 per cent to reach 3,935.79 points on Wednesday, March 12, representing a two-month low. Shares lost across the board, as the crisis on Crimea, and the war of words between Russian and the Ukraine continued. In addition, shares listed on the New York bourse became as expensive as in 1929, 1999 and 2007, as reported by Swiss weekly, FuW, today (Wednesday, March 12).
Emaar Properties fell by 3.50 per cent to reach AED8.57. Its rival, Deyaar Development, lost the most (down by 9.60 per cent to close at AED1.13). With outdoor temperatures in Dubai on the rise, beverages producer Gulfa gained 15 per cent (limit up) to reach AED3.30. Investment bank SHUAA Capital dived 6.20 per cent to end at AED1.06. On Tuesday (March 11), Islamic real estate investment fund, Emirates REIT, revealed that it has appointed SHUAA as a book runner of its planned IPO on NASDAQ Dubai, where it intends to launch a primary listing worth AED500 million ($136m).