Dubai stock market tumbles 6.7 percent after builder fires staff in wake of CEO departure
Dubai's stock market has plunged 6.7 percent after a construction giant in the Mideast commercial hub confirmed it has fired some of its staff following the sudden departure of its CEO last week.
Tuesday's rout accelerates a sharp sell-off of the Dubai Financial Market this week driven in large part by questions swirling around construction firm Arabtec Holding, which is backed by a government-linked firm in the neighboring oil-rich emirate of Abu Dhabi.
Arabtec said in a stock market disclosure Tuesday that it has taken steps aimed at improving productivity and reducing spending that have "included termination of a limited number of staff." It denied reports that the numbers let go were in the hundreds.
Abu Dhabi state-run fund Aabar Investments has a nearly 19 percent stake in Arabtec.