x Abu Dhabi, UAEThursday 27 July 2017

Emaar shares struggle over shopping malls deal

Markets Update: Emaar Properties fell on Sunday after reports said the developer is using four shopping malls as collateral for a $800 million loan. Watch video.

Emaar Properties fell on Sunday after reports said the developer is using four shopping malls as collateral for a $800 million loan.

The shares dropped 1.1 per cent to Dh2.72 at 12pm.

Dubai's index, the Dubai Financial Market General Index slipped 0.3 per cent to 1427.00 points.

The facility, arranged by a number of local banks, includes a five year tranche and an eight, Reuters cited banking sources on Thursday.

Other stocks also fell. Aramex, the region's largest courier, was down 1.6 per cent to Dh1.80. Arabtec Holding, Dubai's largest contractor, was down 1.4 per cent to Dh1.33.

In the capital, Ras Al Khaimah Cement was up 3.8 per cent to 81 fils a share. The Abu Dhabi Securities Exchange General Index was up 0.1 per cent to 2538.30 points.

Elsewhere in the region, Kuwait's measure was little changed at 5838.50 points. Bahrain's index was up 1 per cent to 1178.40 points. Oman's measure was little changed at 5604.43 points. Qatar's benchmark was down 0.1 per cent to 8384.82 points. The Saudi Tadawul All-Share Index was little changed at 6116.71 points.

halsayegh@thenational.ae