Dubai: Gulf shares declined for the first time in three days on concerns that the world’s biggest economies may slip into a recession, curbing earnings in the region.Arabtec Holding PJSC, the company building the world’s tallest tower in Dubai, fell for the second time this week, as did Emaar Properties PJSC.

Emirates NBD PJSC and Abu Dhabi Islamic Bank PJSC dropped after a report by EFG-Hermes Holding SAE on the banks.

The Dubai Financial Market General Index lost 5.9 per cent to 3,484.91 at 11:15am local time. The measure surged 22 per cent in the previous two days. The Abu Dhabi Securities Exchange General Index declined 1.8 per cent and the Kuwait Stock Exchange Index dropped 1.3 per cent.