Dubai’s DFM General Index 1.38% Lower

The Dubai Financial Market (DFM) General Index declined 1.38% to 1,560.28 Sunday. A sharp drop in oil prices, followed by the Saudi market’s fall to a three-week low yesterday, weighed on the gauge.

Emaar fell 1.93% to Dhs3.05. Arabtec Construction was the most liquid share and one of the three advancing stocks, closing 1.74% higher at Dhs3.50 ($0.95).

Real estate maintenance specialist Drake and Scull International or DSI slipped 0.92% to Dhs0.86 ($0.23). Earlier in the day, DSI said in a statement to the DFM that it has been selected as the main contractor for the construction of the Binary commercial tower at Dubai’s Business Bay.

The contract is valued at Dhs200 million ($54.46 million)and the scope includes all associated construction works to complete the tower. Developed by ‘Omniyat’ a market leading real estate development company based in Dubai, the Binary is a 25-story commercial tower offering grade A commercial space with magnificent waterfront views of the thriving Business Bay area in the heart of Dubai’s Skyline.

Around 150 million shares were traded, valued at Dhs203.3 million ($55.36 million).