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| The 14-time Grand Slam champion, who won his ninth French Open title earlier this month, will next face Lukas Rosol, who beat him here two years ago in the second round.
DUBAI, United Arab Emirates ?? Dubai's stock market plunged 6.7 percent Tuesday after the construction giant that helped raise the Mideast commercial hub's record-breaking Burj Khalifa skyscraper confirmed it has fired staff following the departure of its CEO last week.
The rout, the
July 26th Metallic Silver 3Lab5 Jordan Release steepest since August, accelerated a sharp sell-off in the Dubai Financial Market this week. It is being driven largely by questions swirling around construction firm Arabtec Holding, which is backed by a government-linked firm in neighboring Abu Dhabi.
Oil-rich Abu Dhabi bailed out neighboring Dubai during its financial crisis, which came to a head in 2009 following years of heavy borrowing to fund a frenetic building boom. Dubai's trade and transport-dependent economy has come roaring back since, though the emirate and its many state-linked companies still shoulder billions of dollars of debt.
Arabtec is Dubai's biggest construction company, employing large numbers of mainly South Asian migrant workers whose handiwork has transformed the Dubai skyline.
Aabar Investments, a state-run fund backed by Abu Dhabi, is a major shareholder, with a nearly 19 percent stake. It once sought to buy the company outright.
Investors have been selling off Arabtec shares in recent weeks after a steep rise in the stock.
They have been spooked by Aabar's decision to trim its stake, a midmonth glitch on the market's website that suggested a smaller position by Aabar, the abrupt departure of Arabtec CEO Hasan Ismaik last week and a series of rumors including the possibility of sweeping job cuts.
Arabtec said in a stock market disclosure Tuesday that it has taken steps toward improving productivity and reducing
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Allen Sandeep, director of research at Cairo-based investment house Naeem Holding, said a lack of clarity is raising fears among investors that Abu Dhabi could be considering pulling the plug on other Dubai investments. While he does not think Aabar's decision to cut its stake signals a wider trend, he added that what
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Dubai's main index closed Tuesday at 4009.01 points, 25 percent below its May peak
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