May 9 (Bloomberg) — Dubai and Qatari shares slumped, leading a drop in the Gulf, after global stocks tumbled on concern Europe’s debt crisis will spread beyond Greece and slow the global economic recovery. Crude oil fell to $75 a barrel.
Air Arabia PJSC, the Middle East’s largest low-cost carrier, retreated the most in more than a month as first- quarter profit fell 51 percent. Emaar Properties PJSC, the developer of the world’s tallest skyscraper, dropped to the lowest since March. The DFM General Index slid 3.3 percent, the most since Feb. 14, to 1,677.49 as of 11:32 a.m. in Dubai. Qatar’s benchmark index, the QE Index, tumbled 4 percent
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