Air Arabia (AIRARABI) PJSC, the Middle East’s largest discount airline, decreased for the first time in four days and Dubai Investments PJSC (DIC), the owner of stakes in more than 40 companies, slumped 3 percent. The DFM General Index (DFMGI) fell 1 percent, the most since Dec. 21, to 1,335.03 at the 2 p.m. close in the emirate. The Bloomberg GCC 200 Index (BGCC200) slipped less than 0.1 percent.

“People are waiting for full-year and quarterly earnings before making investment decisions,” said Ziad Dabbas, a financial analyst at National Bank of Abu Dhabi PJSC (NBAD), the United Arab Emirates’ second-largest lender by assets. “There is still some concern over international market performance and volume is weak as there are no positive catalysts.”

Air Arabia may report (AIRARABI) a 12 percent drop in full-year earnings, according to the mean estimate of five analysts compiled by Bloomberg. Higher fuel prices and political unrest in the Middle East and North Africa led to a 26 percent decline in the company’s third-quarter earnings. Shares in the airline, which may report financial results on Feb. 18, fell 28 percent in 2011. They dropped 1 percent to 58.8 fils today. Dubai Investments, which said in November third-quarter income sank 88 percent, decreased the most since Nov. 21 to 61.1 fils.