Dubai The Worst Performing Market

NNN Lease Market News


The Dubai Financial Market Real Estate Index, a measure of five developers’ stocks, has slumped 73 percent since mid-2008. The index was up 0.7 percent at 12:54 p.m. today and is still down 9.3 percent this year.
Residential property prices in Dubai, the worst-performing market in the Middle East for the past three years, haven’t yet benefited from political turmoil in other parts of the region, Deutsche Bank AG said.

The Dubai Financial Market (Arabic: سوق دبي المالي‎) is a stock exchange located in Dubai, United Arab Emirates. It was founded on March 26, 2000.
There are about 57 companies listed (as of August 2007) on DFM, most of them are UAE-based companies and a few dual listings for companies based in other MENA region countries. Many companies allow foreigners to own their shares. Total market cap is around $360bn, which is roughly equal to the market cap of Abu Dhabi Securities Market ($380bn) (as of August 2007). In comparison, the market cap for ExxonMobil (as of Oct. 2008) is $360bn.
During 2004 and 2005, there were significant increases in the volume of shares traded and the share prices of many companies. However, towards the end of 2005 and through the first few months of 2006 the bubble burst and share values dropped by around 60% on DFM, along with similar decreases in most other Persian Gulf stock markets.