Qatar diplomatic rows weigh on Dubai market

March 5, 2014 4:18 pm

After a friendly opening, the Dubai Financial General Index (DFMGI) lost 0.50 per cent to 4,100.71 points on Wednesday, March 5. Earlier in the day, the three Gulf states – the UAE, Saudi Arabia and Bahrain – said in a joint statement released by the UAE news agency, WAM, that they have decided to call back their ambassadors to Doha. Qatar was not committed to the principles of the Gulf Co-operation council’s (GCC) principles of non-interference in the internal affairs of any other GCC member state, WAM reports. The joint action came after the UAE summoned the Qatari ambassador, Faris al-Nuaimi, to the UAE on February 3, in order to protest against statements made by the Doha-based religious cleric Yusuf al-Qaradawi against the UAE. Emaar Properties advanced 0.60 per cent to AED8.90. Its local rival Union Properties, fell by 1.50 per cent to AED2. Arabtec Holding dived by 1.70 per cent to AED4.66. Earlier in the day, the construction firm said its subsidiary, Arabtec Construction, has been awarded a contract to construct more than 1,500 townhouses developed by Emaar Properties, the global developer of iconic real estate assets, in Reem, the master-planned community, in Dubai for a total value of AED1.037 billion ($282.8 million).

Gérard Al-Fil