Dubai market plummets as emirate rules out asset sale

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The index plunged nearly 6% to its lowest level for 20 weeks amid fresh fears over the future of Dubai World, the debt-ridden firm at the heart of the financial crisis.

Abdulrahman al-Saleh, director general of Dubai's department of finance, said the government will not sell assets to support Dubai World but added that the conglomerate might.

It came as Dubai World met its main creditors to discuss a request to delay debt payments that has shaken global markets and damaged the reputation of the Gulf's business hub.

UK banks Standard Chartered, HSBC, Lloyds Banking Group and Royal Bank of Scotland were at the meeting.

Al-Saleh said: "Part of obtaining finance is selling assets belonging to the company and not the government. There is confusion that the government plans to sell assets. The company has foreign investments and real estate investments abroad. There is nothing to prevent selling these assets."

Shares fell across the region. DP World, the flagship unit of Dubai World, fell 5.5%.

Shawkat Raslan, head of sales at investment bank Prime Emirates, said: "Today there's been a continuation of the selling pressure of last week — foreign investors have a bad vision for the whole market."