The Dubai financial free zone regulator has withdrawn the licence of the Saudi asset manager Siraj Capital for failing to maintain adequate capital requirements.
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The Dubai Financial Services Authority, which oversees the Dubai International Financial Centre (DIFC) and Nasdaq Dubai, "will take appropriate action where firms fail to maintain adequate capital resources", the regulator said in a statement.
The news overshadowed a day of lacklustre trading on regional markets. Gulf markets declined yesterday, tracking global stocks, after Germany warned against hopes that the euro-zone debt crisis could be solved at a summit of world leaders next week. DFM Company, the name under which the Dubai Financial Market (DFM) is publicly traded, declined 2.8 per cent to 96 fils. Arabtec Holding, Dubai's biggest contractor, fell 2.3 per cent to Dh1.26. The emirate's main benchmark, the DFM General Index, fell 0.6 per cent to 1,356.86.
Aldar Properties, the capital's biggest developer, declined 2 per cent to 98 fils on the Abu Dhabi securities Exchange General Index. Sorouh Real Estate, Abu Dhabi's second-biggest developer, fell 2.2 per cent to 89 fils. Methaq Takaful Insurance slumped 3 per cent to Dh1.26.
Elsewhere in the region yesterday: Kuwait's index was little changed at 5,897.30; Bahrain's also was little changed at 1,147.77; Oman's slipped 0.3 per cent to 5,539.66; and Qatar's declined 0.8 per cent to 8,400.04. The Saudi Tadawul All-Share Index rose 0.3 per cent to 6,150.54.
