Emaar Properties slid to a more than four-year low, leading declines in Dubai as concerns over the real estate sector and the global economy dented investor sentiment.

The stock is off 5.97 percent at 2.99 dirhams a share, its lowest level since September 2004.

'In Dubai, in addition to what is going on globally, there are two worries: First of all, the debt of Dubai continues to weigh on the stock market and concerns over the real estate market,' says Rami Sidani, head of Mena investments at Schroders Investment Management.

'At times like these we need announcements from the government to restore confidence,' he adds.

The emirate's benchmark declined 3.7 percent to 2,026 points. Dubai Islamic Bank shed 8.85 percent.

Dana Gas fell 5.56 percent in line with sharp falls in stocks in the UAE, despite the firm reporting an 18-percent rise in third quarter profit on Saturday.

UAE and Oman bourses fell sharply after Saudi stocks fell to their lowest level since March 2004 on Saturday.

In Abu Dhabi, Aldar Properties fell 5.58 percent and Sorouh Real Estate 4.51 percent as the main index fell 1.3 percent to 2,727 points.

Industries Qatar fell 9.4 percent in early trading, dragging Qatar's bourse lower in line with other Gulf bourses on increasing concerns over the global economy.

The country's benchmark fell 5.3 percent to 5,573 points.

Qatar Gas and Transport Co (Nakilat) falls 9.22 percent. Bahrain's benchmark is off 0.05 percent at 2,037 points.

Oman's benchmark is off 1.39 percent at 6,135 points led by Bank Muscat which declined 4.03 percent.

Kuwait's bourse is still closed after a court ordered it to suspend trading on Thursday after investors filed a lawsuit and protested to press for emergency measures to shield their holdings.

Trading could resume on Sunday or Monday, the country's commerce minister said on Thursday, if a planned appeal against the court ruling was successful. - Reuters