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Lower growth prospects for UAE weigh on Dubai market
- United Arab Emirates: Sunday, November 11 - 2012 at 16:14
The DFM General Index fell Sunday by 0.21% to hit 1,614.16 points amid losses in the real estate and constrution sector. Emaar lost 0.27%, while maintenance and water and power specialist Drake and Scull International or DSI lost 0.90%. Earlier in the day, Gulf Business Daily quoted DSI CEO Khaldoun Tabari, saying the GCC construction sector was "down" due to a lack of capital funding, whilst poor collection of payment was also weighing on the sector. In addtion, UAE Minister of Economy H. E. Sultan Al Mansouri said earlier in the day that he expects the UAE economy to grow in 2012 beteween 3.5% to 4%, down from 4.2% in 2011. The IMF said the Gulf state's real GDP growth would decline to 2.6% in 2013, down from 4% in 2012.
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Gérard Al-Fil, Financial JournalistSunday, November 11 - 2012 at 16:14 UAE local time (GMT+4)
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