Stocks in Dubai are officially in a bear market. The Dubai Financial Market General index slumped by 8% last Tuesday, and has lost around 25% in six weeks. Upheaval at Arabtec, one of the Middle East’s biggest construction groups, was the immediate cause of the latest slide.
What the commentators said
Arabtec “appears to be suddenly rather light on executives”, as Joseph Cotterill put it on the FT Alphaville blog. Rumour has it that the chief operating officer, the chief information officer and the chief risk officer have all been sacked. But the turmoil is just a trigger for general [...]
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