Dubai’s stock market has closed nearly seven percent lower in its first day of trading for the week after a further slide in oil prices.
Dubai’s main index, which trades Sunday to Thursday, closed 6.96 percent lower on its opening day.
Dubai Investments and investment developer Union Properties lost 10 percent. Real estate developer Damac and construction company Arabtec both closed 9.6 percent lower, while another major developer, Emaar Properties, tumbled 8.3 percent.
Oil futures are continuing to fall because of ample supplies of crude and a slowing global economy. Brent crude, a benchmark for international oil, fell more than a dollar to close Friday at $45.46 while the price of U.S. crude closed at $40.45.