From Dubai to Tel Aviv, Mideast markets tumbled as news of the S&P downgrade of US credit struck its first victims.

Dubai fell 4.4 percent and Tel Aviv fell 5 percent.  Saudi Arabia’s stock exchange which had opened on Saturday plunged more than 5 percent. Complicating matters was the report that Dubai’s largest builder, Arabtec posted a profit loss in Q2 of 74%.  This along witht he sell off smashed Arabtec’s stock lowering 5.6 percent.

In Tel Aviv the TA-25 fell 6% and the TA 100 fell 6.5%.  The Delek Group led the plunge with 7.4% loss as well as Discount Bank at 7.5% fall.