By Zainab Fattah
Aug. 12 (Bloomberg) — Dubai stocks retreated, pushing the Dubai Financial Market General Index into a bear market, as investors speculated the emirate’s real-estate boom may slow.
Emaar Properties PJSC, the largest real-estate developer in the Middle East and North Africa, fell to its lowest since April 2005. Dubai Islamic Bank, the biggest bank in the United Arab Emirates complying with Muslim Shariah law, declined for a seventh day.
Dubai’s index has dropped for seven consecutive days, with losses accelerating after local media reported that regulators plan new laws aimed at curbing so-called “property flipping” and the central bank may tighten bank lending. The emirate joined Saudi Arabia and Oman as the third Gulf market tracked by Bloomberg to enter bear-market territory.
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