Dubai's Arabtec falls after Q3 profit slumps

Shares in Dubai's Arabtec looks poised for their biggest decline since late July after the builder's third-quarter net profit slumps, falling well short of analyst forecasts. Arabtec's shares drop 4.2 per cent, having been up as much as 1.9 per cent before its earnings announcement.

The firm's net profit fell 96 percent on rising expenses and a sharp drop in revenues. Property developer Deyaar falls 4.8 per cent after reporting a third-quarter net loss of Dh145 million ($39.49 million). The Dubai index slips 0.04 per cent to 1,737 points.