The Dubai index sank 7.4 per cent to 3,595 points and hitting its lowest level since January.
Equity markets worldwide tumbled after the 12-member OPEC yesterday cut its forecast for demand next year to the lowest level in 12 years.
ICD is already the majority shareholder of DAE, holding 55 per cent.
The company building Dubai’s mega theme park complex saw its share prices fall nine per cent on Wednesday.
The launch of Abu Dhabi Global Market (ADGM) comes as the emirate seeks to diversify its economy away from oil and gas.
EMS Capital, which holds 3.2 per cent of Songbird’s free float said in a letter to the bidders that it intended to accept the latest offer.
The drop was a fresh sign of a collapse of sentiment among retail investors in Dubai, who have dumped stocks as oil prices have hit five-year lows.
The firm said on November 18 that it had received the backing of a “significant majority of investors” for the proposal.
The duty free shopping centre, situated in Lagos, is scheduled to be completed by 2016.
The agreement has been designed to facilitate two-way trade and investment.
The sell-off in Dubai and across the region came after the price of Brent crude hit a new five-year low of $65.33 per barrel.
Dur Hospitality has been expanding across Saudi Arabia as the local economy picks up pace.
Abu Dhabi’s Aldar Properties plans to extend maturities on its obligations, its chief financial officer Greg Fewer said.
UAE central bank official Saif al-Shamsi said that the Emirates will continue with its currency peg to the US dollar.
The UAE has been looking to tighten regulations of its bourses ever since a steep fall in stock market earlier this year.
The main Dubai index drop almost neared its July low as panicky retail investors began selling off.
The bank is yet to decide whether to raise the amount to $250 million and whether to extend the tenor on the new facility to three or four years.
The decree said the reshuffle was in preparation for the Kingdom’s 2015 budget, which is expected to be announced late this month.
Brent crude oil fell more than $2 a barrel on Monday to a new five-year low.
Dubai Parks and Resorts will list its shares on the Dubai Financial Market on Wednesday.
The hostile move followed Songbird’s rejection of an initial $3.43 billion approach.
Dubai’s stock index edged down 0.5 per cent as most stocks declined in low-volume trading and heavyweight Emaar Properties fell 1.1 per cent.
Sheikh Maktoum led the financial services firm for the last three years and helped turn it profitable again.
Jamal al-Hazeem departure was “mutual and amicable” from the role he took up in 2010, the bank said.
A total of $18 billion was remitted abroad from the UAE in 2013, mostly through the estimated 120 exchange firms.
The transaction is in line with the company’s strategy to maximise its stakes in its subsidiaries, a statement said.
The government has enough headroom to fund its developmental projects through a healthy debt-equity mix, director-general of Dubai’s department of finance said.
Cement firms in Oman have also warned that the price rise will lead to an increase in their production costs.
Songbird Estates said the 350 pence per share offer from Qatar Investment Authority (QIA) and Brookfield Property Partners LP did not reflect the full value of the company.
Brent crude was up 0.3 per cent at $70.10 a barrel at 0840 GMT.