Real estate hurts Dubai bourse, all major Gulf markets slide

Dubai

REAL estate shares led Dubai's stock market lower on Thursday, while all major Middle Eastern bourses fell with other global equity markets after the US Federal Reserve hiked rates and oil prices slid.

In Dubai, the index was down 1.1 per cent. It is down more than 25 per cent so far this year, making it the worst-performing market in the Middle East. Developer Union Properties lost 3.7 per cent and DAMAC Properties declined 4.1 per cent.